币界网报道：Ethereum traders are accumulating record short positions amid bearish sentiment, with data from Coinglass showing ETH shorts hitting an all-time high of $7.5 billion. The growing bearish bets have sparked speculation about a potential short squeeze, especially as ETH's price hovers near $3,000—a critical psychological support level. Analysts note that if Ethereum rebounds strongly, leveraged short positions could face liquidation cascades, potentially driving prices higher. Meanwhile, derivatives metrics indicate subdued demand for ETH, with funding rates remaining neutral and open interest declining. The market remains cautious as traders weigh macroeconomic factors and Ethereum's upcoming network upgrades, including the Dencun hard fork expected to reduce layer-2 transaction costs. Some observers suggest the current setup resembles conditions preceding past major ETH rallies, though sustained bullish momentum would require improved spot market demand.