ETH short-term rose 1.25% in 15 minutes: Technical rebound and short covering pushed price back above 1590

June 29, 2026, 12:00 - 12:15 UTC: ETH rapidly rose within 15 minutes, yielding +1.25%, with price climbing from 1566.58 USDT to 1597.22 USDT, a volatility of 1.95%. Market volatility notably intensified, short-term trading activity increased, and forced liquidations of short positions pushed prices to quickly recover lost ground.

The main drivers of this anomaly were the combined effect of technical buying support and concentrated short covering. After prices touched the short-term support zone in the previous trading session, bargain-hunting funds entered, while a clear breakout pattern on the 15-minute K-line triggered programmed buying. Additionally, short positions in the futures market were forcibly closed as prices rapidly rose, further amplifying the gains.

Second, overall market risk sentiment improved, with Bitcoin also staging a small rebound in the same period, driving ETH buying through the correlation effect. Meanwhile, on-chain data showed some long-term holding addresses accumulating when prices fell back to the 1560 - 1570 range, suggesting continued confidence in the mid-term trend. Multiple factors converged to push prices higher in a short period.

In the short term, attention should be paid to whether prices can stabilize in the 1590 - 1600 USDT range; failure to break through could lead to selling pressure. Key resistance is at the 1600 USDT round number, while support is around 1560 USDT. Changes in the futures market long/short ratio and on-chain fund flows will be important references for short-term direction. Monitor evening macro news and BTC price action for correlation, and be mindful of market volatility risk.