Ethereum Price Prediction: Chain Metrics Point to Short Squeeze Soon

Updates on Ethereum Price Prediction: The cryptocurrency continues to struggle after the FTX crash. The entire crypto market was affected by the Sam Bankman-Fried episode. Ethereum, however, was hit with another blow when the FTX hacker sold large amounts of ETH. It appears that Ethereum is in for a short squeeze. According to chain data, there could be another price drop for Ethereum.
Also read: Popular Analyst Predicts Bitcoin Price Risks to Fall to $10,000
Despite the market’s negative sentiment, the dominance of short positions for Ethereum (ETH), has been evident in the last few days. CryptoQuant reports that ETH exchange inflow has increased in recent times, with deposits exceeding 100,000 ETH per hour. This could indicate that the top two cryptocurrency may see a short squeeze in the near future. This is despite the low cryptocurrency prices following the FTX crash.
“The amount of ETH being deposited into exchanges has risen to more than 100,000 ETH an hour in the past few days. A short squeeze event could be imminent due to the dominance of short positions.
The exchange inflow metric for Ethereum in recent times shows that when there is a price drop, the amount of transactions into exchanges increases. According to CoinMarketCap, Ethereum (ETH), price is at $1,221, an increase of 2.58% in the past 24 hours. ETH was close to $1,100 in November earlier.
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