Ethereum Bulls Target $3,000 as Short Positions Soar on Bitfinex

Ethereum remains bullish above its support level of $2,445, as it tests a rising trendline near $2,700 after pulling back from a September peak of around $2,800.

According to analysts, ETH is targeting $3,000 next, following an initial target of $2,800. This prediction comes despite the fact that October has historically closed higher in 7 out of the last 11 years, with a median gain of just 1.44%.

A surge in Bitfinex CEX short positions from about 771 ETH to over 101,000 ETH in two weeks raises concerns about short-squeeze and market-risk for token performance and crypto traders.