Damn, ETH's rally today is pretty intense! This morning it was hovering around 2110, and in the afternoon it shot up with a big green candle to 2273, a 4.6% increase, which is quite good given the current market environment.

Honestly, I didn't catch much of this move. Last night, I saw the Fear & Greed Index was only 17, and with such pessimism in the market, I thought it might continue to bottom out, so I didn't dare to go all-in. But today, it gapped up and opened much higher than I expected.
Thinking about it carefully, maybe this is a sign of a sentiment reversal? When everyone is extremely fearful, it's often the time for a rebound. ETH from 2110 to 2273, that over $160 move, reminds me of those violent rebounds last year.
Looking at on-chain data, the funding rate is still relatively neutral at 0.0040%, indicating that the longs aren't overly aggressive. This kind of rally seems relatively healthy, unlike a false boom driven by leverage.
The key question now is whether ETH can hold at the 2270 level. If it can stay steady tomorrow, there might be further upward momentum. But if it drops back below 2200, it could continue to oscillate.
Tomorrow, focus on whether 2200 can hold as support, and whether it can break through the previous resistance at 2300.