ETH rebounds 1.63% in 15 minutes: technical oversold repair and short covering resonate

From 20:00 to 20:15 UTC on June 24, 2026, ETH staged a quick rebound within 15 minutes, yielding +1.63%, with the price rising from 1,579.9 USDT to 1,612.32 USDT, a 2.05% amplitude. The abnormal move occurred amid overall market pressure, as ETH posted a 24-hour decline of -5.03% and briefly fell to its lowest level in two weeks, typical of a short-term oversold bounce.

The main driver of this move was technical oversold repair. The price had fallen to the intraday low of $1,558.39 just before the window, triggering a chain reaction after touching short-term technical support: short-term traders captured oversold signals and entered, stop-loss buy orders were triggered to form short covering, while quantitative strategies' mean-reversion models issued buy signals, collectively pushing the price rapidly upward.

Second, short covering in the derivatives market amplified the gains. Data shows long liquidations ($50.63M) were significantly higher than short liquidations ($10.96M), and a large accumulation of short positions triggered profit-taking demand when prices hit support, creating a resonance between short covering and spot buying. Additionally, 24-hour trading volume reached $13.01B, providing sufficient liquidity for the rebound. On the same day, commodities such as gold and crude oil fell sharply (gold dropped over 3%), and capital outflows from safe-haven assets may have indirectly supported risk assets.

It should be noted that this rebound occurred during the historically weak June seasonal period (7 out of the past 10 years saw negative June returns), and macro headwinds include persistent ETF outflows, a strengthening U.S. dollar, and rising interest rate expectations. This short-term abnormal move may lack sustainability. Going forward, attention should be paid to the support effectiveness near $1,558, on-chain capital flows, and macro policy signals. Short-term volatility risks remain.