ETH short-term 15-minute rally of 1.02%: short positions closed, combined with whale signals driving the rebound

From 01:45 to 02:00 (UTC) on July 10, 2026, ETH experienced a rapid upward movement within 15 minutes, with a gain of +1.02%, a price range of $1,749.15 to $1,777.5 USDT, and an amplitude of 1.62%. This period coincided with the early Asian trading session, during which liquidity was relatively low. Large buy orders triggered quick price fluctuations, and market attention significantly increased.

The primary driver of this movement was the concentrated closing of short positions in the derivatives market. Open interest in ETH futures reached a historical high of approximately $23.75 billion. After the funding rate reset in early June, it turned negative. When a chain reaction of short liquidations was triggered, combined with short-term price elasticity under high leverage, it amplified the rise. The rebound of the funding rate from negative territory often accompanies short liquidations, making it the most direct catalyst for the price increase during this period.

Meanwhile, on-chain whale signals continued to intensify. Between May and June 2026, the number of addresses holding between 1,000 and 10,000 ETH surged. Whales accumulated over 140,000 ETH during the price downturn, signaling a long-term bullish outlook to the market. On the technical side, after testing key support zones, programmed buy orders were triggered, forming a volume-price coordination. On the macro level, the upgrade expectations for Glamsterdam and the "Lean Ethereum" roadmap provided medium- to long-term support narratives for the price.

Investors should remain alert to subsequent volatility risks: open interest remains at a historical high, and leverage risk has not been fully released; ETH spot ETF net outflows recently reached $22.80 million, reflecting decreased institutional allocation willingness; the 50-day EMA resistance level is around $1,804.30, with BTC's trend linkage effect being evident. Attention should be paid to signs of ETF fund inflows turning positive, the progress of open interest decline, and the validity of key resistance level breakthroughs.