ETH surges 1.45% in 15 minutes: long liquidation exhausted selling pressure triggers technical rebound

Between 21:00 and 21:15 UTC on July 6, 2026, ETH rose rapidly by 1.45% in 15 minutes, with the price jumping from 1,792.65 USDT to 1,833.19 USDT, a volatility of 2.26%. This abnormal move occurred in an environment of extreme fear (Fear & Greed Index at 14), displaying typical short-term impulsive upward characteristics.

The main drivers of this move were short squeezes in the derivatives market and rebound momentum after long liquidation. Data shows that over the past 24 hours, 78.1% of liquidations came from long positions, amounting to $48.21 million, with approximately $74.4 million worth of ETH positions being flushed out. As high-leverage longs were continuously cleared, sell-side pressure dried up significantly, and the small buy orders appearing during 21:00-21:15 UTC were enough to push the price sharply higher.

Additionally, the mean-reversion demand of extreme fear sentiment, combined with trend continuation effects, amplified this move. With the Fear & Greed Index at 14, which is classified as "extreme fear," historical data shows that such extreme sentiment often coincides with local price bottoms. Meanwhile, ETH had been in a sustained rebound trend from July 1 to 6, with cumulative gains exceeding 15%, providing technical support for this move. The structural divergence in ETF fund flows (BlackRock products continue to attract capital) and BTC stabilizing above $63,000 also provided a relatively favorable macro environment for Ethereum's rebound.

Risk warning: Currently, 71.8% of long positions remain extremely crowded. If a new negative catalyst emerges, it could trigger a stampede sell-off; order book depth has decreased by 1.4% compared to the 7-day average, indicating narrowing liquidity; the 30-day ETF net outflow stands at $96.02 million, with institutional demand still cooling. Investors should monitor changes in long positions and ETF fund flows, and be cautious of short-term pullback risks.