ETH today has risen to around 1940u, up 76u earlier than yesterday. Over the past two days, risk appetite in the market has returned.

BTC has also climbed together to above 66ku. Nasdaq tech stocks have been rising these past couple of days too. This crypto move is following the traditional market’s risk sentiment and warming up as well.

However, this rally isn’t particularly solid yet—there are still a lot of “mega whales” that haven’t fully returned. More of it is short-term funds that have moved first. 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.

Technically, the 100-day moving average is around 1945u. This level is exactly acting as a ceiling overhead. Whether price can hold above it is the key for the next few days. If it manages to break above, then the 200-day moving average at 2218u will be the real turning point.

The range from 1800u down to 1770u is the support to watch in the short term. As long as it doesn’t break below there, this repair/rebound rally can still be considered relatively complete.

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