Honestly, today’s 4.4% jump in ETH reminds me of those “false prosperity” days from last year. At the $2,441 level, tsk tsk—last time I was fully all-in here, and as you all know…

What’s most interesting is that the Fear & Greed Index is still showing 21, extreme fear, but ETH has already risen from $2,309 to $2,456. I’ve seen this kind of divergence countless times—either smart money is buying the dip, or when retail investors are still trembling, the big players have already started positioning.
A trading volume of $1.073B shows that at least it’s not a lifeless rally—real money is coming in. But as an old “bag-holder” who’s been caught many times, I’m fairly calm about a one-day surge like this. After all, a few months ago, when ETH fell all the way from $4,000 to $2,300, the voices saying “ETH will go to zero” were everywhere.
Now that market sentiment is so pessimistic, it actually makes me feel like we may really be at the bottom area. Of course, I’ve said this many times before, and each time I’ve been slapped in the face 😅. But then again, being at the $2,400+ level is definitely much cheaper than the previous highs—at least my DCA cost control is still decent.
The funding rate is still fairly normal, with no sign of excessive leverage, which is a good sign. Next, we’ll see whether it can hold at this level; experience tells me that a true reversal needs time to be confirmed.