Ethereum Shorts Jump 13,000%, Setting Up Potential Bear Trap

Ethereum's short positions have surged by roughly 13,000% in the past two weeks, reaching over 101,000 $ETH.

This extreme buildup of bearish bets could quickly turn into fuel for a sharp short squeeze if ETH starts pushing higher.

The technical pressure on Ethereum comes from a big supply wall between $2,722 and $2,822, where more than 13.3 million $ETH have changed hands.

If bulls step in and push through this resistance, the massive buildup of shorts could turn into a perfect bear trap, forcing short sellers to cover and adding more buying pressure.

This could give Ethereum the momentum to push toward $3k, according to some analysts.