ETH Bulls Eye $3,000 as Short Positions Stack Up
Ethereum's price prediction for October remains bullish above $2,445, targeting $3,000 next. The cryptocurrency has closed higher in seven of the past 11 years, but the median gain is just 1.44%. In a recent surge, Bitfinex ETH shorts jumped from about 771 ETH to over 101,000 ETH in two weeks.
Trader Julian says that if Ethereum breaks cleanly through the rising trendline near $2,700, it could force Bitfinex shorts to cover, pushing price higher. The trendline runs back through the April high and has been hovering around it for more than a week. Ethereum's 20-day exponential moving average (EMA) sits at $2,616.57, with the 50-day EMA at $2,445.18 and the Supertrend at $2,439.02 forming the next cushion.
The Supertrend has stayed in buy mode since July, and Ethereum trades above all four EMAs, including the 100-day at $2,280.93 now sitting above the 200-day at $2,267.02. According to historical data, ETH has closed October higher in seven of 11 years since 2015, with an average return of 5.71% and a median of only 1.44%. The last two Octobers both finished lower.