ETH is setting up pretty nicely right now, feels cautiously bullish on the charts.

Spot cumulative volume delta showing solid buyer presence—that's a good signal. The open interest took a hit during the rally but bounced back quickly, which tells us there's been rotation between shorts getting liquidated and fresh longs positioning. Typical healthy correction pattern.

Exchange premium (comparing to spot) is pushing back toward neutral territory, nothing extreme. On the order book though, sell orders are still ahead of buy orders at the moment. That leaves room for the market to work higher if momentum picks up.