Epic Ethereum Short Squeeze pushes the rally to new ATH

Ethereum has generated incredible returns for investors in recent days. According to CoinMarketCap, ETH surged more than 16% on Monday, pushing the coin to a new all-time high of just over $ 3,450. At the time of writing, the coin was trading around $ 3,470 and has gained 9.43% in the past 24 hours. Ethereum Short Squeeze is responsible for the rally. A short squeeze means that short sell orders in the futures market are liquidated within a short period of time. When the shorts are purged, the short sellers will have to reclaim their positions. This automatically increases the demand from buyers in the market. As a result, the number of shorts dwindles rapidly and long contracts or purchase orders begin to dominate the market. As far as Ethereum is concerned, there have always been high short liquidations on all derivatives exchanges in the last 24 hours. According to crypto analytics firm CryptoQuant, cryptocurrency liquidations have reached nearly $ 55 million in leveraged exit positions, pushing the price to an all-time high. Source: CryptoQuant Due to increased volatility, Ethereum (ETH) has seen its market cap rise to around $ 400 billion. According to CoinGecko's statistics, the average daily trading volume traded was around $ 72.7 billion. According to the chart, further support is needed to keep the bears away and to allow the bulls to focus on price points above $ 3,500 and $ 4,000 respectively. Moving Average Convergence Divergence (MACD) shows that Ethereum is definitely in the hands of the bulls. ETH / USD has risen sharply in recent days. Source: Tradingview.com Related article | Bitcoin Swapped $ 150 Million Soon As Bitcoin Soared Above $ 53,000 Ethereum Continues To Benefit From Adopting The Second Digital Asset Ethereum By The Market, Its Superiority Is Warmly Taken From Institutional Investors For Its Massive DeFi. Coincidentally, Ethereum started consuming Bitcoin and Bitcoin's market share.

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