ETH is up to around 1940u today, up by 76u earlier than yesterday. The market’s risk appetite has returned over the past two days.

BTC has also risen together to above 66ku. Nasdaq tech stocks have been rising these past two days too. This crypto rally is following the same rebound in risk sentiment as the traditional markets.

However, this move isn’t particularly solid yet—there are still a number of big whales that haven’t fully returned. More of it is short-term capital moving first. The second-quarter earnings reports haven’t all been released yet, and the market is still digesting the impact of the situation in the Middle East.

On the technical side, the 100-day moving average is around 1945u. This level is right at the top and could act as a cap. Whether it can break and hold above it over the next few days is the key. Once it gets above it, the 200-day moving average at 2218u will be the real threshold.

The area between 1800u and 1770u is the short-term support to watch. As long as it doesn’t break below this range, the current repair rally is still fairly complete.

For Bitcoin ETFs, there have been net inflows for two consecutive weeks—this is the first time since May. This suggests institutional funds are slowly coming back, even though they haven’t fully filled the gap from earlier outflows #eth $ETH