ETH's recent decline has already shown clear bottoming features from a data perspective.

Currently at $2,246.12, from a technical point of view, the 24-hour volatility is only 2.26%, with a convergence range of $2,208-$2,258. This low volatility usually indicates an imminent directional breakout.
More importantly, sentiment data: the Fear and Greed Index has fallen to 15, entering an extreme panic zone. Historical backtests show that when this indicator drops below 20, the probability of ETH's positive returns over the next 30 days exceeds 73%.
Compared to BTC perpetual funding rate of -0.0061%, which is basically neutral, indicating that the derivatives market has not shown extreme short bias. This is in stark contrast to the deep negative funding rates during the 2022 bear market bottom.
In terms of trading volume, the 24-hour trading volume of 503 million USDT is not particularly active, but considering the current market sentiment, this volume is already normal. The key is to observe whether it can break through the resistance level of $2,258; once broken, the upside potential will be quite broad.
From a risk-reward perspective, the expected return for long positions at the current level is significantly higher than for shorts. The extremely panicked market often harbors rebound opportunities.