Ethereum Surges Above $2,100 with Short Squeeze Triggering Breakout

Ethereum experienced a significant surge above the $2,100 mark, entering a low-volume trading range. This breakout is attributed to a short squeeze phenomenon, characterized by rapid price increases driven by bearish traders covering their positions. Analysts like Daan Crypto Trades noted Ethereum’s reclaim of the $1,750 support level as crucial for this surge and highlight the lack of structural opportunities within the $2,100-$2,800 range.