Ether's squeeze to $2,421 on Nov. 4 still leaves $2,600 out of reach

Ether ran up to $2,421 on Nov. 4, a 5.4% jump driven by a broad relief rally after the U.S. midterms, according to reports. It outpaced Bitcoin, which gained 3.6% to just over $80,300. Even so, the $2,600 line sits above that peak, and the forecast leans toward Ether not touching it on Binance's ETH/USDT 1-minute candles before the window closes on Nov. 8 at 11:59 PM Eastern. The move looks like a squeeze more than a fresh story. One report tied Ether's roughly 4-point move over about five hours to a leverage-driven short squeeze sparked by Bitcoin's rebound, not to an Ether-specific headline. Another put about $236.47 million in Ether liquidations over two hours, with $132.15 million of that on the short side. Underneath, the picture is shaky. Spot Ether ETFs posted a seventh straight day of outflows, losing $85.35 million on Nov. 3, and one report described the trend as still bearish with weak trading volumes. Ether is also down about 10.5% over the past 30 days. Traders were watching resistance in the $2,310 to $2,400 area before the jump. Ether had been pinned below $2,309 since the Binance hack on Oct. 29 knocked it to a two-month low. The thing to watch is whether ETF flows turn from outflows to inflows. Without that, a squeeze-driven bounce has little to carry it further.