ETH edges up 0.21% in 1 hour: technical rebound and short covering drive short-term recovery

Between 13:00 and 14:00 (UTC) on July 1, 2026, ETH recorded a +0.21% return in that hour, with a price range of 1570.19 to 1575.34 USDT and a volatility of 0.33%. The gain falls within the normal daily fluctuation range, but against the backdrop of previous market pressure, the slight rebound indicates a temporary easing of selling pressure.

The main driver of this price movement is the combined effect of short-term technical rebound and short covering. Currently, ETH is trading in a neutral zone between the first support level of $1,540 and the first resistance level of $1,613. Although the technical indicators overall show a 'Strong Sell' signal, there is a short-term need for correction. Additionally, during April 2026, the ETH funding rate briefly turned negative. After short positions accumulated, prices stabilized, and short covering provided a slight upward boost.

Moreover, sustained whale buying activity and declining exchange reserves have formed a bottom support. Since the first half of 2026, large ETH whales have been continuously accumulating. In February alone, over 31.6 million ETH flowed out of centralized exchanges, one of the largest outflows since 2022. The reduction in circulating ETH available for sale has tightened seller liquidity, amplifying the price impact of buying. At the same time, although Ethereum ETFs experienced net outflows overall in June, the slowdown in outflows or marginal improvement in inflows has also provided some support for market confidence.

In terms of risk warnings, attention should be paid to whether ETH can break through the first resistance level of $1,613. If it stabilizes, further upside is possible. If it falls below the first support level of $1,540, it may open up downside space. On the macro front, high US interest rates continue to pressure risk assets. The ETH/BTC ratio still underperforms relative to BTC, and the capital rotation effect warrants attention.