Ethereum (ETH) is heading for its best September in a decade: this month, ETH gained 7%, making the current September the best since 2016 and only the fourth positive September in the last ten years.
At the same time, short positions in Ethereum have surged by 13,000% over the past two weeks, increasing from 771 ETH to over 101,000 ETH. This sharp rise indicates a buildup of bearish bets amid market pressure. The current price of Ethereum is under significant resistance in the range of $2,722 to $2,822, where over 13.3 million ETH have been traded. This week, ETH dropped by 1.5% after rising above $2,800, indicating increasing selling pressure.
However, if Ethereum manages to break through the $2,800 level, it could trigger a short squeeze. Traders betting on a decline may be forced to close their positions, increasing buying interest and potentially helping ETH move towards $3,000. One factor supporting this scenario is significant accumulation activity among large Ethereum holders (whales). Over the past seven days, the volume of accumulated Ethereum has increased by 21.4%, totaling 321,000 ETH – at a price of $2,700, this amounts to approximately $864 million.
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