$ETH has just surged to $2,725, up 1.08% in the past 24 hours. Trading volume hit $4.083 billion, with 1.88 million trades in the mix. The Fear & Greed Index is sitting at 70, firmly in greed territory, while the perpetual futures funding rate has spiked to 0.0098% per eight hours. Long positions are already getting overheated. The market looks lively, but the price is up only a single-digit percentage—a classic case of sentiment running ahead of price, with trend-following capital already fully committed. A sustained move above $2,740 could support further gains; a break below $2,700 would send it back to consolidate around $2,680.

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