Assessing if Ethereum can push to $2,800 next – Datasets suggest…
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Ethereum reclaimed the $2,600 level, triggering $90 million in short liquidations. Is ETH setting up for a sustained breakout, or another rejection? As the broader market shifts back into bullish territory, short-sellers are being systematically flushed out across major assets. Ethereum [ETH] followed suit. A sharp 6.78% daily gain on the 2nd of July drove ETH back to the $2,600 level, liquidating nearly $90 million in short positions in the process. The real question now is whether ETH can convert this reclaimed level into a springboard for continuation. Risk appetite appears to be returning, elevating the stakes for Ethereum’s next move. Why Ethereum’s short squeeze stands out Ethereum’s daily structure reveals a clear inflection point. On the 12th of June, Open Interest (OI) hit a record $41.75 billion, coinciding with ETH reclaiming the $2,800 level for the first time since February. However, beneath the surface, stress signals began to emerge. Despite steady spot demand, the number of whale wallets holding more than 10,000 ETH dropped to just 884, marking its lowest level since 2016. This sharp decline triggered aggressive deleveraging, with over $20 billion in OI unwound in under three weeks. The aftermath was a classic bull trap. While Bitcoin[BTC] corrected 10.8% over the following two weeks, ETH plunged 24.6% to $2,113. Source: TradingView (ETH/USDT) Yet, a rebound that followed marked a key shift in price behavior. ETH rallied 8.28% the very next day and slipped into a tight holding pattern between $2,400 and $2,500 for ten straight sessions. This kind of sideways action after a major flush often hints at quiet accumulation. If that’s what’s playing out here, Ethereum’s clean reclaim of the $2,600 level could represent a strategic pivot, laying the foundation for a sustained breakout with real positioning behind it. Is ETH structurally ready to break out?…
Filed under: News - @ July 3, 2025 10:23 am