PANews reported on August 9 that according to Cointelegraph, optimism about ETH is rising in the cryptocurrency industry. The price of ETH broke through $4,000 on Friday, triggering a short position of about $105 million in ETH, but the potential price increase may pave the way for further short squeezes.

Analyst Ash Crypto pointed out that the real test will be the key price resistance level of $4,100. A break above this price level could trigger a short squeeze, stimulating a rapid rise in ETH to $4,400-4,500.