US President Donald Trump’s son has called on his followers to stop betting against Bitcoin and Ethereum.
The advice was given to 5,8 million subscribers after ETH climbed above $4000 for the first time in eight months. Short positions worth $105 million were liquidated in the leading altcoin after reaching the new mark. That’s about 53% of the total $199,61 million in closed short positions.
The development prompted some analysts to say it could set the stage for a “short squeeze.” Those comments did not sit well with Eric Trump, who criticized the bearish traders.
«I smile when I see ETH shorts getting burned today. Stop betting against Bitcoin and Ethereum, you’re going to get crushed,» he wrote.
After ETH surpassed $4000, predictions emerged about the asset’s future value. Crypto trader Ash Crypto said that the real test will be at $4100, a fairly serious resistance.
If ETH breaks above $4100, it could trigger a short squeeze that could push ETH to $4400–$4500 in just a few hours.
Fundstrat co-founder Tom Lee backed the idea that the host Altcoyin will continue to rise. He noted that Ethereum is currently having a “2017 Bitcoin moment,” and he expects the asset to reach $16,000.