ETH rebounds slightly by 0.53% in 1 hour: Short covering combined with technical support pushes short-term recovery

Between 03:00-04:00 UTC on June 26, 2026, ETH showed a slight rebound, with a 1-hour return of +0.53%, a price range of 1512.11-1534.22 USDT, and an amplitude of 1.45%. This period corresponds to late night in North America and early morning in Asia, with relatively low liquidity. A small number of buy orders were enough to push the price noticeably, and market attention was generally stable but the fluctuation amplitude increased compared to the previous day.

The main drivers of this unusual move were the overlapping effects of short covering and technical support. According to market data, the ETH long/short ratio stood at 89.3% vs 10.7%, with longs leading by 78.6 percentage points, indicating an extremely concentrated long position. As the price approached the absolute low area for June 2026 (1450-1530 USD), it triggered profit-taking by shorts while also attracting range traders to buy the dip and triggering stop-loss buy orders, jointly pushing the price slightly higher.

Secondly, the active behavior of whale groups amplified the volatility. On-chain data shows that since October 2025, large holder addresses holding 1000-10000 ETH have shifted from stable accumulation to active adjustment. If during this period large holders reduce exchange holdings (moving to cold wallets), it will further reduce selling pressure. Additionally, during late-night hours, algorithmic trading and arbitrage strategies dominate, and small changes in liquidity can produce relatively significant percentage fluctuations, creating a liquidity-driven price amplification effect.

Current risks still need attention. This slight rebound does not change the overall downward trend structure of ETH in June 2026. Technically, $1600 has become a strong resistance level, and the daily descending channel remains intact. Every rebound attempt faces selling pressure. If ETH cannot effectively reclaim $1520, there is still a risk of a further drop to $1450. Short-term traders should be wary of sharp volatility amid liquidity drying up and monitor subsequent on-chain capital flows and macro news developments.