Ethereum [ETH] witnessed a major decline below the $1,600 zone against the U.S. dollar. ETH even declined below $1,500 at press time on CoinMarketCap. Now any recovery of more than $1.5k could face hurdles but again, surpassing the line remains a possibility. Rising amidst a storm The largest altcoin, at the time of writing, traded […]
witnessed a major decline below the $1,600 zone against the U.S. dollar. ETH even declined below $1,500 at press time on CoinMarketCap. Now any recovery of more than $1.5k could face hurdles but again, surpassing the line remains a possibility.The largest altcoin, at the time of writing, traded around the $1.45k mark after suffering a fresh 3% correction. Herein, ETH failed to gain pace above the $1,660 and $1,675 resistance levels.
Well, the “funding rate” is an indicator that measures the periodic fee that traders in the Ethereum futures market are exchanging with each other. Notably, this fall could aid ETH’s potential uptick. The last time Funding Rates were this negative, ‘it was in July ’21 just before a huge short-squeeze on Bitcoin & Ethereum,’ the blog postA short squeeze happens when the price of an asset sharply increases due to a lot of short sellers being forced out of their positions.
Similarly, ETH could see a price swing up while the market remains overleveraged and liquidate a large amount of shorts. These liquidations push the price up even higher, leading to more shorts flushed down. As short sellers close their positions, a cascading effect of buy orders takes place. As such, a short squeeze is typically accompanied by an equivalent spike inJust in 24 hours, ETH saw trading volume surge by more than 26 billion.
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