Ethereum Price Consolidates Near $2,000 as Short Squeeze Looms

Ethereum's price has been consolidating near $2,000 since falling below $2,150 on May 17. A total of over $1 billion in long-leveraged positions is at risk if this level holds.

Rising open interest and positive funding rates indicate heavy positioning on both sides of the market, with more than $2.1 billion in short-term liquidity concentrated above $2,150.

CryptoQuant data shows mid-sized wallets have been reducing exposure since 2023, while addresses holding between 10,000 and 100,000 ETH have added nearly 30% to their balances over the past year.