$ETH Price Surge:

* Ethereum has experienced a notable surge in price over the last 24 hours. Multiple sources indicate increases ranging from 10% to 15%.

* This rally has pushed Ethereum back above the $1,800 mark on some exchanges and even towards $1,900 on others.

* This recovery follows a period of underperformance and a drop to around $1,400 earlier in April.

Market Sentiment and Analysis:

* Analysts suggest that Ethereum may have found a local bottom, with oversold conditions leading to this sharp reversal.

* Limited resistance is noted on the way up, with significant selling pressure expected around the $1,860 level. Breaking through this could pave the way for a return to the $2,000 psychological level.

* On-chain data reveals a surge in Ethereum's market capitalization, increasing by around 12% in the last 24 hours.

* CME short positions for Ethereum have been declining, which is seen as a positive sign contributing to the price rally.

* Technical analysis suggests a potential short-term bounce, with support around $1,565 and resistance levels at $1,608 and $1,622. Some traders are considering high-leverage long positions for a quick scalp.

* The RSI on lower timeframes is nearing oversold territory, and the MACD on the 1-hour chart is turning bullish, indicating building momentum.

* Overall sentiment appears to be shifting towards bullish, with some analysts predicting further upward movement in the coming days and weeks, potentially targeting the $2,000 level.