Ethereum Nears $2,650 Amid Rising Volume and Potential Short Squeeze Pressure

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.