ETH short-term rebound of 0.82%: Technical oversold recovery and boosted expectations for the Glamsterdam upgrade

From 15:00 to 15:15 UTC on June 4, 2026, ETH recorded a +0.82% return in the 15-minute candlestick, with a price range of 1,771.2–1,791.32 USDT and a swing of 1.13%. After a sharp drop earlier, a technical rebound emerged in the short term; market attention picked up again, and volatility intensified.

The main driver behind this move is technical oversold rebound demand. On June 2, ETH suffered a one-day plunge of 7.32%, with the price quickly falling from above $2,000 back into the $1,800 range. The drop exceeded 10%, triggering some short sellers to take profits and creating near-term buy-side support. At the same time, the market has improved expectations for performance expansion from the Glamsterdam network upgrade scheduled for June, providing marginal price support.

In addition, large holders increased positions against the trend, forming potential bottom support. In May, ETH whale wallets cumulatively added 1.02 million ETH, with total holdings exceeding 125 million ETH, worth over $2 billion. In the same period, the number of mid-sized addresses holding 1,000–10,000 ETH rose from 54 to 57, indicating that whales continued to build positions during the downward price phase. If Bitcoin stabilizes in the $60,000 range, it will reduce the correlated downside pressure on ETH and leave room for the rebound.

Risks to watch in the short term: ETH’s decline for the year is 32%, significantly higher than Bitcoin’s 11%, and the weak pattern remains unchanged. ETFs have seen net outflows for seven straight days totaling $216 million, and Standard Chartered cut its 2026 target price by 47% to $4,000. If the weekly closing price falls below $1,850, it may trigger technical selling, with downside targets pointing to $1,560 and even $1,070. Investors need to closely monitor the effectiveness of key support levels, ETF fund flows, and progress on the Glamsterdam upgrade.