Ethereum Price Jumps Past $2,700 as Massive Short Squeeze Hits Market

Ethereum jumped to $2,723.70 at the time of writing, triggering one of its sharpest short squeezes in months.

Over the past 24 hours, $182.87 million in positions were liquidated, with $142.72 million of it coming from short sellers caught leaning the wrong way as price broke above a resistance zone that had capped ETH for weeks.

The move wasn't just a squeeze. Binance open interest climbed to roughly $6.58 billion, its highest level since January, a sign that new money, not just existing traders flipping sides, is entering Ethereum futures.

That shift is now fueling fresh Ethereum price predictions, with traders watching whether $2,750–$2,800 holds as the next line in the sand.

What Is Ethereum's Price Doing Right Now?

ETH sits at $2,723.70, up 1.63% on the day. Futures volume over the last 24 hours hit $68.92 billion, while spot volume came in at $4.29 billion. Market cap stands at $333.51 billion, with 122.07 million ETH in circulating supply.

Why Did Ethereum Just Squeeze Higher?

A few things lined up at once. After the Clarity Act failed to move forward in the Senate, the altcoin dropped below $2,400. But buyers stepped in right around $2,310, close to Ethereum's realized price, the average cost basis of holders on-chain.

Instead of selling near that level, holders bought more, a pattern that often signals expectations of higher prices ahead rather than lower ones.

Big buyers are showing up too. Tom Lee's firm BitMine reportedly bought $75 million worth of ETH, and Lee said the fourth quarter could bring one of the strongest rallies in years. That reflects one investor's opinion, not a guaranteed outcome.

Key Support and Resistance Levels

Ethereum broke above resistance near $2,100–$2,200 earlier this year, ran up toward $2,550, then consolidated between $2,450 and $2,600 before pushing back toward $2,750.

A daily close above the $2,750–$2,800 zone, if it holds as support, points the chart toward a possible move into the $3,200–$3,450 range. That's not a promise, just what current structure suggests.

On the downside, losing the $2,530–$2,550 breakout zone could send $ETH back toward $2,350–$2,400. A deeper drop under $2,210 would weaken the bullish case significantly.

Some traders on social media cite Elliott Wave counts pointing to $14,000–$20,000 over the long term. These are speculative, individual projections; treat them as opinion, not a forecast.

Is Ethereum a Good Buy Right Now?

That depends on risk tolerance and time frame. ETH has support building near the $2,300 realized-price zone, and derivatives data shows more buyers than sellers at the moment.

But crypto sentiment can flip within days. Many traders watch whether ETH holds above $2,700 on a closing basis before deciding their next move.

Will Ethereum Keep Rising?

The next real test is whether ETH can close above $2,750–$2,800 and turn that zone into support. If it does, $3,200–$3,450 becomes a realistic near-term target based on current chart structure.

If it fails, a pullback toward $2,350–$2,400 is possible.

Disclaimer

This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and risky. Always do your own research and consult a licensed financial advisor before making investment decisions.