The price of Ethereum (ETH) hovers in a narrow range around $2450, while trading and whale activities indicate signs of potential growth.
Overview of Ethereum's Current Price Situation
Currently, the price of Ethereum is fluctuating in the range between $2400 and $2460. This range has been observed over the past 24 hours, indicating uncertainty despite whale activity and growing institutional interest.
Data from Cryptoquant suggests that whales are accumulating significant amounts of Ethereum, which can be seen as a bullish signal for the token.
Is a Short Squeeze Possible?
A short squeeze occurs when traders who have shorted a token are compelled to buy it back at a higher price to cover their losses. Current data suggests that a significant amount of short positions have been accumulated, which may signal a potential for a sudden price increase soon.
Charts reveal that the accumulation of shorts has taken place over the past few days, suggesting that if the price breaks above the $2500 level, shorts could be liquidated.
Ethereum Price Forecast to $3000
Ethereum's price trades in a narrow range despite recent pullbacks. However, the token maintains strong support, which could lead to resistance being tested. Trading volume is also on the rise, signaling the possibility of significant fluctuations ahead.
It is expected that the price may reach $2500, and if market conditions are favorable, it might surpass $2800. Otherwise, the price may continue to consolidate below the current range.
The overall situation with Ethereum's price shows signs of uncertainty, but whale and trader activity suggests potential market changes in the near future.
