ETH 15-minute pullback of 0.7%: Large institutional buys and hawkish Fed minutes spark a battle between bulls and bears

From 23:15 to 23:30 (UTC) on July 11, 2026, ETH quickly dipped within 15 minutes, recording a return of -0.70%. The price ranged from 1,792.31 to 1,810.74 USDT, with a swing/amplitude of 1.02%. Previously, over the prior 24 hours, ETH rose by about 1.84%, rebounding from a low of $1,786.73 to around $1,824, but there was a short-term pullback; market volatility has increased, and disagreements between bulls and bears are evident.

The main driving force behind this sudden move is the tug-of-war between institutional-level large buy signals and macroeconomic pressure. A report that Tom Lee’s Bitmine Immersion bought 20,500 ETH from Galaxy Digital for $36 million directly stimulated bids, making it the most substantial institutional accumulation in recent times. At the same time, hawkish minutes from the Fed heightened expectations of tighter liquidity; risk assets overall came under pressure, and ETH faced macro headwinds during the rebound.

Additionally, the US government transferred about 4,036 ETH (worth $7.22 million) to a new address. Although there has been no immediate sell-off, historically, government wallet transfers are often considered as potential signs of sell pressure, further weighing on market sentiment. On-chain data shows that ETH ecosystem meme coin PEPE experienced whale-level large buys, boosting on-chain gas consumption; however, overall volume and momentum remain subdued, and the 1-hour RSI has entered the overbought zone, casting doubt on the sustainability of the rebound.

The current order book shows a narrow range of consolidation. A large buy wall at $1,824.47 (accounting for 51.6% of the total buy quantity in the top 5 levels) provides short-term support, while dense sell orders at $1,825.36 form resistance overhead. In the short term, it’s important to watch whether the key resistance level of $1,830 breaks out on increased volume. If it fails and falls back, it may retest the support range of $1,760 to $1,740. Investors should be alert to the risk of overbought correction and closely monitor the US government’s subsequent ETH moves and Bitmine’s accumulation pace.