Seeing ETH rise 4.32% today, the circle of friends has started celebrating "Ethereum takes off." But don't rush, let's look at this fluctuation from a different perspective.

$2397 indeed rose quite a bit from yesterday's low of $2296, but the problem is most people haven't noticed a detail: the Fear and Greed Index is still lingering in the 32 Fear zone. What does this indicate? Market sentiment remains cautious, and this rebound is more like a technical correction after an oversell rather than a trend reversal.
Looking at the data, the 24-hour high only reached $2423, not even breaking through $2450. The 911M trading volume sounds substantial, but compared to the recent surge in volume, this level can only be considered average. Most importantly, BTC's perpetual funding rate is still negative, indicating that the overall bullish enthusiasm in the crypto market hasn't truly been ignited.
Everyone gets excited when they see green, but I think such a 5.56% fluctuation is too normal for ETH. What truly deserves attention is: under this Fear sentiment, what is driving today's rise? Is it bottom-fishing capital entering the market, or short covering?
The market loves to slap you when you've just started to breathe a sigh of relief. At this point, I prefer to observe whether the key level of $2400 can truly hold.