ETH 15-minute short-term surge 2%: Key technical resistance breakthrough triggers short squeeze

June 29, 2026, 17:00 to 17:15 (UTC), ETH surged 1.96% in 15 minutes, with price rising from 1585.19 USDT to 1619.0 USDT, an amplitude of 2.13%, and market volatility notably increased.

The main driver of this anomaly was the breakout of a key technical resistance level. After the price effectively broke through the 1600 USDT round number, it triggered short stop-losses, forming a typical technical short squeeze. At the same time, leveraged funds concentratedly closed short positions near the resistance level, accelerating the price upward.

In addition, improving macro market sentiment was an important resonance factor. During the same period, mainstream coins generally strengthened, and the rebound in market risk appetite amplified the intraday gains from the technical breakout. The funding rate in the derivatives market turned from negative to positive, further confirming the short-term bullish dominance.

Currently, attention should be paid to the resistance effect above 1619 USDT; failure to stabilize could trigger a short-term pullback. On-chain capital flows and changes in institutional holdings will be key indicators to verify the sustainability of the rebound.