Ethereum News: Potential Short Squeeze Could Send ETH Price Soaring Towards $3,000

In a development that could significantly impact Ethereum`s price action, a massive amount of short positions have accumulated, posing a $2 billion liquidation risk if the cryptocurrency`s price reaches $3,000. Here`s what you need to know.

Ethereum’s $2B liquidation risk: Will a short squeeze send ETH soaring?

More than $2 Billion ETH shorts will be liquidated if the Ethereum price pumps to $3,000. Ethereum is days away from printing a similar BTC monthly Hammer candle that preceded a parabolic rally. The Ethereum [ETH] Exchange Liquidation Map indicated massive accumulation of short positions, with potential liquidations approaching $2 billion if ETH’s price reaches $3,000. As of press time, ETH was trading at $2,479.30. The increase in cumulative short liquidation leverage suggested high bearish speculation within this price range. If ETH’s price surges to $3,000, liquidating these short positions could create a short squeeze, propelling the price even higher as short sellers cover their positions. This could attract more bullish sentiment and buying activity, pushing ETH’s price towards new resistance levels.

Chainflip Plans Upgrade to Block Bybit Hackers

Chainflip, a cross-chain decentralized exchange (DEX), is preparing a protocol upgrade to prevent hackers responsible for the recent $1.4 billion Bybit hack from using its platform to launder stolen assets. The upgrade introduces enhanced screening tools for broker operators to block suspicious ETH and ERC-20 deposits, aiming to protect liquidity providers (LPs) and regular users from illicit activities.

Bybit Repays 40,000 ETH Loan to Bitget After Hack

Bybit exchange has repaid a 40,000 ETH loan worth approximately $100 million to Bitget, three days after receiving it. The loan was sent by Bitget to Bybit after hackers breached Bybit`s system. On-chain data revealed that Bybit transferred the ETH back to Bitget. Bybit had suffered a hack on February 21, losing $1.5 billion worth of cryptocurrency due to an attacker manipulating a routine Ethereum transfer between its digital wallets.

ETHDenver: Discussion on Decentralization and Modularity of Restaking Infrastructure

At a bustling co-working space in Denver, around 100 blockchain enthusiasts, investors, and industry professionals gathered for ETHDenver to discuss decentralization and modularity of restaking infrastructure. The panel, moderated by Soumyaranjan Ram from Hemi Network, brought together experts in staking and decentralized security to share insights.