EL7.AI
CryptoUpdated•Originally published 4 July 2026•Updated 4 July 2026•
1 min read

Ethereum Reclaims $1,650 on Rare Technical Buy Signal and Short Squeeze

Key Facts

1Ethereum price reclaimed the $1,650 level driven by a rare monthly buy signal and a short squeeze.

In a move reflecting renewed positive momentum in the digital asset market, Ethereum price has reclaimed the $1,650 level. According to reports, this recovery was driven by the emergence of a rare monthly buy signal and a significant short squeeze. This technical action pushed the price toward key resistance levels, reviving hopes for a sustained rally toward the $2,000 mark.

This price action occurs as major cryptocurrencies maintain relative stability, with Bitcoin (BTC) trading near critical support levels per market data. Historically, rare monthly buy signals for Ethereum have often preceded periods of high volatility; previous data from technical analysis platforms suggests that holding above $1,650 is a prerequisite for challenging the psychological $2,000 resistance.

Traders should watch for price consolidation above $1,650 (at close 2026-07-04) to confirm the strength of this breakout. Regarding upcoming catalysts, the China Manufacturing PMI scheduled for June 30 could impact global risk appetite, potentially influencing crypto market flows in the coming days.

Latest Updates · 1

  1. Notable·

    Update: Subsequent market data revealed that the recent price surge coincided with the liquidation of a $54.1 million whale short position, resulting in a realized loss of approximately $9.4 million. Current technical indicators suggest this move may mark the beginning of a broader rally fueled by increasing retail investor participation.