ETH sees a slight 0.15% pullback within 4 hours: technical selling pressure linked to macro risk assets

From 16:00 to 20:00 UTC on June 29, 2026, ETH fluctuated within the range of 1,577.21 to 1,583.82 USDT, with an amplitude of 0.42% and a yield of -0.15%, showing a moderate pullback. During this period, market attention remained stable, but volatility expanded compared to the earlier period, with bulls and bears in a standoff near the $1,580 level.

The main driver of this anomaly was technical selling pressure and market competition near key technical levels. Although the -0.15% decline falls within the normal fluctuation range, it coincided with the weekend trading session when liquidity was relatively thin, increasing the price's sensitivity to sell orders. During this period, some contract holders chose to close or reduce positions as the price approached the psychological threshold of $1,600, creating periodic selling pressure.

At the same time, the contagion effect from the broader macro market amplified this move. During the same period, global risk asset sentiment cooled slightly, the US dollar index edged higher, and the pullback pressure from tech stocks transmitted to the cryptocurrency market. Additionally, on-chain data showed small net outflows from some exchange addresses. Although the scale was limited, it reflected a tendency for some short-term capital to stay on the sidelines. Funding rates in the derivatives market remained low, with no obvious leveraged squeezes or cascading events.

Currently, ETH is still operating in a key support zone. Going forward, the focus should be on the effectiveness of support around the $1,570 level, as well as changes in net inflows/outflows on on-chain exchanges. If large-scale capital continues to flow out or macro sentiment weakens further, there is still short-term pullback risk. It is recommended to monitor the performance of the US stock market at the open tonight and the movement of the US dollar index, as these will be key external variables affecting subsequent trends.