ETH short-term surge of 0.72% in 15 minutes: technical buying support and accumulation effect near the yearly low

June 24, 2026, 11:30-11:45 (UTC): ETH surged rapidly within 15 minutes, achieving a +0.72% yield, with the price range recorded at 1,658.05 to 1,670.2 USDT and a volatility of 0.73%. The rapid price rebound indicates buy-the-dip activity at key technical support levels, with short-term volatility notably increasing.

The main driver of this abnormal move was technical support bounce. Between June 22 and 23, ETH had fallen to near its yearly low ($1,660-1,700), retracing approximately 17.35% from the May high of $2,129.86, entering the $1,600-1,800 "buy the dip" accumulation zone. Buying at key technical levels supported a short-term recovery, compounded by short covering in a high open interest environment, amplifying the rebound.

Additionally, multiple factors converged. First, the US Dollar Index (DXY) was in a downtrend during June, showing a 40%-60% negative correlation with ETH, indicating marginal improvement in macro liquidity. Second, expectations of the Ethereum Glamsterdam upgrade (targeting June) provided medium-to-long-term narrative support, attracting funds for dip buying. Third, derivatives market data shows ETH OI hit an all-time high of 16 million ETH, with heavily leveraged shorts facing passive liquidation pressure as prices approached support levels, creating potential for a short squeeze.

Risk reminders: ETH's order book depth is relatively weak ($475.5M as of January data), making the price sensitive to large trades. In the 24 hours before June 23, ETH experienced $157 million in liquidations, of which $140 million were long positions, indicating still high leverage risk. The market also faces regulatory uncertainty. Investors should monitor whether the $1,700 support level can hold effectively, as well as on-chain capital flows and macro DXY trends. Short-term volatility risk has increased, and strict position control is advised.