Ethereum Nears $2,650 Amid Rising Volume and Potential Short Squeeze Pressure
2025-07-06 05:37:31
Main Idea
Ethereum's price has broken through the $2,600 resistance level with strong trading volume and institutional support, signaling potential for further bullish momentum amid a short squeeze.
Key Points
1. Ethereum broke the $2,600 resistance level with a 24-hour trading volume of $22.7 billion, indicating strong market confidence.
2. The network's capped circulating supply of 120.7 million tokens supports demand, reinforcing Ethereum's position as the second-largest cryptocurrency.
3. A potential short squeeze is amplifying upward momentum, with leveraged short positions from early 2023 being invalidated as prices rise above $2,575.
4. Ethereum's valuation against Bitcoin has increased by 4.5%, trading at 0.02382 BTC, suggesting relative strength.
5. Institutional demand, capped supply, and technical factors are driving bullish sentiment, with $2,650 as the next key threshold.
Description
Ethereum’s recent surge past the $2,600 mark signals a robust bullish momentum, driven by increased trading volume and a significant short squeeze. The cryptocurrency’s price action invalidates previous bearish setups,
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