Abraxas Capital bought 13,000 ETH worth $32.39 million to hedge a 141,180-ETH short position valued at $353.27 million on Hyperliquid. Ethereum traded at $2,486.72, with a $303.56 billion market cap and $13.71 billion in 24-hour volume, while price remained rangebound between support at $2,360-$2,370 and resistance at $2,520-$2,530. TradingView data showed ETH above its 20-day and 50-day exponential moving averages, while its Relative Strength Index cooled to 54.72 after exceeding 90 during the earlier rally. Coinglass data showed trading volume up 10.28% to $38.44 billion and open interest up 2.43% to $33.87 billion. The reported hedge follows Abraxas Capital's earlier accumulation of $783 million in Hyperliquid short positions and a $173 million spot purchase. A confirmed close above $2,530 could put $3,000 in focus, while a break below $2,370 could expose $2,000.