From 12:15 to 12:30 (UTC) on June 4, 2026, ETH rebounded sharply within a 15-minute window, with a return of +1.17%. The price range was 1,746.84 to 1,768.84 USDT, with a 1.26% amplitude. Previously, ETH fell 12.03% over 7 days and 25.10% over 30 days. The price has pulled back by about 5.8% from the recent high of $1,880 and is at a critical point for a technical rebound, with market attention increasing significantly.
The main driver behind this abnormal move was rebound demand following technical oversold conditions. ETH price is nearing the monthly low of $1,750, only about 1.2% away. Meanwhile, there is still roughly 9.3% room to the daily Bollinger Band lower rail at $1,936, implying strong technical repair demand. In addition, June has historically been unfavorable for ETH: over the past 10 years, 7 years ended with declines. The seasonal weakness pattern makes it more likely that prices will trigger technical buy orders when key support levels are reached.
At the same time, short-covering in the futures market became a catalyst for the price increase. Data shows that long liquidations totaled $50.63M, while short liquidations were only $10.96M, a ratio of about 4.6:1. Futures trading volume surged 53.66% to $31.88B. After the pressure on passive long positions to close was released, short profit-taking pushed prices higher. Combined with concentrated buy-side strength in the spot market, the buy order share at the 12:00 UTC mark was 56%, indicating that buying had already begun to gain the upper hand before the abnormal move occurred. Continued accumulation behavior by large holders (January 2026: $162M, May: $9.9M) provides bottom support, creating a resonance effect across technicals, capital flows, and on-chain behavior.
Near-term volatility risk still needs to be watched closely. The futures market’s high leverage (with $31.88B in trading volume) means prices could reverse quickly. Key indicators to monitor include the strength of support at the monthly low of $1,750, changes in futures open interest, and the direction of large-holder capital flows on-chain. For short-term trading, be mindful of the suppressive effect of June’s seasonal weakness, and the rebound’s durability still requires subsequent confirmation from trading volume.
