From 13:30 to 13:45 (UTC) on June 4, 2026, ETH achieved a +0.88% return within 15 minutes. The price ranged from 1762.07 to 1790.0 USDT, with a 1.58% amplitude. This period occurred amid a significant downturn in the crypto market: ETH fell about 7% over the past 24 hours. The Fear and Greed Index dropped to 12, placing it in the “Extreme Fear” range. The main driver behind this unusual move is demand for a technical correction. The RSI (14-day) has fallen to 25.39, placing it in an extreme oversold zone. At the same time, price and RSI show a hidden bullish divergence: from late March to late May, ETH’s price was approaching higher lows while RSI recorded lower lows. Such divergence often signals a brief rebound, and the 15-minute gain aligns with the logic of a technical correction. In addition, post-liquidation sell pressure exhaustion amplified the rebound strength. In the past 24 hours, ETH contract liquidation totaled $398M, with about 85% coming from long positions. After a large number of longs were forced to close, sell pressure temporarily dried up, and short-term profit-taking by shorts pushed the price back up. Meanwhile, on-chain data shows that whales continue accumulating: in May, large holders added net over ten thousand ETH (about $2B). Exchange reserves have continued to decline, and buy orders are absorbing within the key support range of $1,750–$1,780, providing bottom support for the price. Investors should be cautious about the non-sustainability of a technical rebound. The current bounce after RSI oversold conditions is a contrarian trade with high risk. ETF capital has seen net outflows for 17 consecutive days; net outflows in May reached $401.62M, which exerts medium- to long-term pressure. If ETH closes below $1,964 for two consecutive days, it will confirm a breakdown of the “inverted cup and handle” pattern, and there may be around 21% downside potential afterward. Investors should closely monitor ETF fund flows, the release of macroeconomic data, and whether the $1,964 key support level holds or breaks.
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