The iShares Russell 2000 ETF ($IWM) has experienced a significant rally, reaching fresh highs of the day near 230, a notable increase from a recent low of 215. This surge comes after the ETF bounced off its 200-day moving average (200dma), with traders noting resistance at the 230 level, which aligns with historical resistance dating back to 2021. The ETF's performance has been closely watched, with some traders suggesting taking profits near the 50-day moving average (50dma) around 230, while others anticipate a potential pullback. The ETF closed strong at its highs, with a gamma call wall at 230, but a stronger move could see it reach monthly value highs near 235, as the 80% rule is in effect.