The price of Ethereum, the world's largest altcoin, rose significantly after BlackRock applied for a spot ETH ETF. ETH gained more than 14% in the last week and hit $2,100.
Markus Thielen, Matrixport's Head of Crypto Research and Strategy, explained in his latest statement that a massive short squeeze occurred on the Ethereum chart overnight, leading to the highest funding rate ever and signaling a complete panic for the shorts:
“This is a nuclear winter for anyone who doubts Ethereum. Crypto hedge funds that are market neutral make huge profits with these funding rates. “Inflows into crypto hedge funds will be high on investors' agendas.”
Another cryptocurrency analyst, Ali Martinez, claimed in his statement that ETH is at an important resistance point and that if it goes above this level, $ 2,500 can be seen without another large-scale upward resistance level.
According to the data, between $ 1,972 and $ 2,029, 650,000 addresses purchased 33.5 million ETH with an average price of $ 2,003 and an important support point was formed.
*This is not investment advice.