Ethereum is on track for its best September performance since 2016, posting a 7% monthly gain. ETH short positions have surged by roughly 13,000% over the past two weeks, rising from 771 ETH to over 101,000 ETH, setting the stage for a potential short squeeze if bulls reclaim the $2.8k level. On-chain signals remain bullish: whale accumulation jumped 21.4% in seven days to reach 321,000 ETH, while staked ETH hit a new all-time high of 43.5 million, representing over 35.6% of total supply. If buyers manage to break above $2.8k, this crowded short positioning could turn into a bear trap, fuelling a move toward $3k in October.
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