Will a Short Squeeze Push Ethereum Classic To $24? Will a Short Squeeze Push Ethereum Classic To $24?
Ethereum Classic is one of the top gainers of Thursday. The 25th-ranked cryptocurrency asset registered a 10% rise over the past 24 hours. As a result, it was trading at the brink of $19 at press time. Source: CMC Also Read: Ethereum: These 3 Factors May Dictate ETH’s Short-Term Price What Triggered Ethereum Classic’s Rally? The Altcoin did not essentially rally out of the blue. Over the past day, a phenomenon called a short squeeze unfolded that helped ETC swiftly climb up on the charts. Typically, when short sellers of an asset are forced out of their positions, a short squeeze occurs. As shown below, ETC short liquidations peaked on Jan 4. According to Coinglass’s data, bearish contracts worth $5.23 million were closed yesterday. Such a ruthless short wipeout was not seen once throughout the last quarter of 2022. Source: Coinglass A few hours back, the long-short ratio for ETC stood at 0.69. However, it gradually recovered from there and stood around 0...