As a result of the recent pullback in the cryptocurrency market over the weekend, Ethereum (ETH) has created two Chicago Mercantile Exchange (CME) gaps at $3,000 and $2,600. Crypto analyst Ted suggests that a short squeeze could soon push the price beyond $3,000, potentially filling these two CME gaps.
Is An Ethereum Short Squeeze Imminent?
Over the past two weeks, Ethereum has lost $70 billion in its total market capitalization, leaving it with a market cap of $268 billion at the time of writing. According to data from the Binance crypto exchange, ETH reached a low of $1,993 on March 4.
Although Ethereum is currently trading in the low $2,000 range, analysts believe that a short squeeze could benefit ETH bulls. Ted took to X to share his analysis on ETH’s current price action.
The analyst pointed out that ETH has two significant CME gaps to fill in the short term: one at $3,000 and the other at $2,600. Ted also noted…
