ETH 15-minute short-term rally +0.82%: technical oversold rebound converges with short covering

Between 04:45 and 05:00 (UTC) on June 5, 2026, ETH recorded a +0.82% return within 15 minutes. The price ranged from 1,725.35 to 1,745.95 USDT, with a swing of 1.19%. This modest uptick occurred amid ETH’s long-term downtrend, during which it had cumulatively fallen by about 60% from its all-time high in August 2025, and it falls under the category of short-term technical correction.

The primary driver behind this move is a demand for a technical oversold rebound. The RSI indicator had already fallen to around 33.56 by early June, nearing the oversold threshold, suggesting there is room for short-term price correction. At the same time, short-term short positions built up during the ongoing downtrend showed profit-taking behavior, which pushed the price slightly higher.

Second, on-chain data shows that whale activity warmed up somewhat in early June. OKLink records indicate that during June 4 to 5 there were multiple large ETH transfers. The address 0x742d35cc6634c0532925a3b844bc454e4438f44e cumulatively transferred out 90,000 ETH. Although the timing of these transfers does not fully match the analysis window, they still provided some support for bullish sentiment on the day. In addition, in May, mega whales accumulated more than 140,000 ETH in the $2,300-$2,380 price range. Early accumulators may currently be in floating losses, and their buy-the-dip behavior could offer marginal support to price.

However, continued ETF fund outflows and tighter macro liquidity remain the main risks for the medium term. If the $1,964 key support level is broken, the price could fall further to $1,545. Investors should monitor changes in ETF fund flows and the progress of the Q3 Glamsterdam upgrade. The upgrade is planned to deliver a 3.3x Gas expansion or provide a catalyst for medium- to long-term price. For short-term trading, be mindful of volatility risk and avoid chasing price.