Analysis: Ethereum Poised for Record-Breaking Short Squeeze, Set to Reach $4,000 "Soon"
BlockBeats News, July 19 — The Kobeissi Letter stated in its latest analysis released on Friday that ETH/USD is poised to reach $4,000 soon. Ethereum is currently brewing a rare short squeeze in crypto history. If the price rises another 10%, short positions worth $1 billion will be liquidated.
The liquidation of short positions could drive ETH’s price to rebound to $4,000. Ethereum is currently priced at $3,553, and its recent price movement has been described as “making history,” with ETH’s surge triggering a record-breaking short squeeze.
Kobeissi noted that as the largest altcoin by market capitalization, Ethereum is “punishing” shorts at an exceptionally rare pace.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Deutsche Bank lowers McDonald's target price to 300 USD
Bayan Resources and its subsidiaries declare force majeure on coal supply agreements
MoffettNathanson raises SpaceX target price to $142
Crypto prices
More
