$ETH Last night’s surge boiled down to four words: the bad news had been fully priced in!
Although CPI was not particularly impressive, it did not significantly exceed expectations overall. The bad news the market feared most did not worsen further, after which sentiment in U.S. stocks recovered and funds returned to risk assets.
On top of that, after ETH broke through key resistance, a large number of short positions were stopped out and covered, directly pushing this rally higher and higher!
So this rise was not driven by news alone, but jointly by a recovery in macro sentiment + capital inf