$SOL The market of Ethereum (ETH) in the past two days has made people's heart beat faster. In just two days, it has risen by nearly 40%, soaring from US$1,786 to US$2,490. The decline in the previous two days was panic-stricken, but now it is jubilant. The group is full of cheers of "Bulls are back soon", and even lurkers have come out to show their earnings.
There have been signs of this surge. When the price fell below US$2,000 before, "whales" frantically bought the bottom. On-chain data showed that addresses holding 10,000 to 100,000 ETH increased their holdings significantly, which is exactly the same as the scenes before the bull market in 2017 and 2020. Sure enough, the market panicked to the extreme, and the reversal came. However, controversy also followed. The technical school quarreled: some people saw the oversold signal of the weekly RSI and thought it was a rebound; others thought that the 200-day moving average pressure level might block the rise. Standard Chartered Bank complained that ETH was in a "mid-life crisis" a few days ago, but it was slapped in the face in the past two days-market sentiment is difficult for experts to grasp.
Some people also speculate that the popularity of Bitcoin ETF may have driven up expectations for Ethereum, and big funds seem to have begun betting. But the risks are not small. Those who rushed in with leverage a few days ago probably haven't recovered from the liquidation yet, and are now struggling to decide whether to chase high prices. From historical experience, if ETH rises sharply, but subsequent funds cannot keep up, it may fall into a roller coaster market again.
