Ethereum shorts have climbed to an unprecedented 11.3 billion USD, reflecting strong bearish sentiment among traders. Despite this, ETH has bounced back, rising from 2,604 USD to 2,670 USD, as market dynamics remain volatile.

ETH experienced a significant short squeeze, pushing prices toward 2,698 USD. While futures trading shows an optimistic shift, the ongoing battle between bulls and bears suggests that the market may remain largely sideways for now.