Ethereum Price Cools Above $2,431 After Short Squeeze-Led Rally

Ethereum's price has cooled above $2,431 after a short squeeze-led rally that saw it gain over 30% last week.

The Net Taker Volume, which measures the difference between buying and selling volume of trades executed using market orders in perpetual futures, flipped positive last week, indicating immediate market activity leans toward the upside.

However, new money flowing into ETH futures to defend the rally has been weak, with most of last week's spike coming from an intense short squeeze that saw ETH record its largest short liquidations in history.

The Estimated Leverage Ratio dropped to 0.74, its lowest level since early March, as open interest declined by roughly 500K ETH over the past week.