ETH short-term rebound 1.63%: key technical support triggers short covering and dip-buying resonance

On June 24, 2026, between 20:00 and 21:00 UTC, the ETH price saw a short-term rebound of +1.63%, trading in the range of 1579.9 - 1612.32 USDT, with an amplitude of 2.05%. This increase occurred after ETH broke below the $1,700 mark and found support in the key technical support zone of $1,650. Market volatility intensified, and bearish sentiment eased slightly.

The main drivers of this anomaly were the resonance between technical factors and capital flows. After the price fell from the $1,700 resistance level to the $1,650-$1,680 support zone, the short-term deviation was too large, triggering a technical repair demand. Meanwhile, with the 16 million ETH open interest hitting a new all-time high (approximately $23 billion), bears took profits after reaching their target, leading to concentrated short covering. This combined with spot buying at lower prices to form a short-term synergy.

Second, the 17 consecutive days of outflows from spot ETH ETFs slowed down during a specific time window, reducing direct selling pressure. Order book depth, though down 1-14% from the 7-day average, triggered liquidity replenishment near key support levels. In terms of sentiment, the market fear index recovered slightly from extremely low levels, and the technical rebound demand after prolonged oversold conditions provided support for the price.

The current volatility risk still requires caution. The $1,700 level has been converted into a key resistance. If it fails to break through, the downtrend may resume. Investors should monitor whether ETF capital flows resume outflows, liquidation risks from open interest, and changes in macro liquidity. It is recommended to watch the breakout of the $1,650 support and the $1,700 resistance, and be cautious of short-term chasing risk.