ETH 15-minute short-term rebound up 1.2%: key technical levels provided support, triggering short liquidations and covering

From 08:45 to 09:00 (UTC) on June 7, 2026, ETH/USDT rose +1.20% within 15 minutes. The price rebounded from 1,621.76 USDT to 1,642.14 USDT, with a range of 1.26%. During this period, the price quickly regained its early-session losses. Market attention clearly picked up, and short-term volatility increased.

The main driver behind this rebound was short-covering after the price hit a key technical support level. Since early June, ETH has pulled back about 28.94% from its year-to-date high. As the price approached the key support at the $1,964 trendline, shorts moved to close positions in a concentrated manner. Meanwhile, short-term longs entered on dips, pushing the price to recover quickly.

Second, on-chain long-term holders continued accumulating positions, providing bottom support for the price. Glassnode data shows that Hodler net positions have remained positive continuously since February 2026. Large holders transferred 107,000 ETH (about $212 million) from a top exchange to cold wallets, reducing on-market tradable liquidity. In addition, order book liquidity grew by 41% compared with April 2025, providing stronger market-structure support for the price rebound. At the same time, the need for technical correction under the prior oversold conditions was also released.

However, the rebound is a short-term technical correction rather than a trend reversal. Attention should be paid to whether the $1,964 support level holds. If a daily close breaks below it, it will confirm a breakdown of the inverted cup-and-handle pattern. The theoretical downside target is $1,545, implying a potential drop of about 21%. Currently, the depth-to-volume ratio is at a multi-month low, and the ability of liquidity to handle sharp volatility remains limited. It is recommended to monitor the actual performance of the $2,055–$2,134 resistance zone and changes in ETF fund flows.