Ethereum on highest race in 15 weeks – this can bring ETH to $ 3,000 – PGz

Ethereum starts to get Momentum, after the first part of the market cycle was especially disappointing. The returns were left with those of Bitcoin and the competition, so that people wondered if it might have been done with Ethereum.

Now we see the start of a comeback. Ethereum rose to the highest race in 15 weeks, and according to Analysts from Cointelegraph starts to look better carefully.

Activity on Ethereum-Blockchain increases significantly

On the Blockchain of Ethereum we also see positive signals for the number two in the market. That is important because that is a good indicator for the activity and therefore the use of technology.

Ethereum is ultimately a blockchain that was built for use. If the price rises, but the use does not rise, then that would be worrying.

Now we see that the number of unique addresses on the Blockchain from Ethereum has risen to an all-time high of 17.4 million pieces. Furthermore, data from Growthepie shows that the number of Ethereum addresses that interact with one or more block chains has risen by 70.5% since the start of Q2.

The number of active addresses is also at the moment with 16.4 million items high. The Base network of Coinbase, a second layer on Ethereum, is responsible for a large part of the growth. They accounted for 72.81% of the active addresses with 11.29 million pieces.

Ethereum Bulls can liquidate $ 1.8 billion in shorts

If the bulls succeed in getting the Ethereum rate above $ 2,900, they would liquidate shorts for $ 1.8 billion.

These are positions of people who have borrowed Ethereum, and then sell them immediately. The idea of ​​a short is to buy back those ethers at a later time at a lower price and to return it to the party they were borrowed.

However, if the price rises, then they have to buy back the ethers for a higher price, so they make a loss. At a certain moment those losses are too great and the traders in question are liquidated.

With a liquidation, the trader in question must be forced to buy back the Ethereum. If that happens with 1.8 billion dollars in positions, then you have a great demand for Ethereum in one fell swoop.

We call this one short squeeze: If many short positions are liquidated at the same time. As a result, all those people have to buy Ethereum, and the price rises even further.

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