ETH short-term 15-minute chart slightly up 0.62%: oversold rebound combined with short covering drives price recovery

July 6, 2026, 15:45-16:00 UTC, ETH rose 0.62% in 15 minutes, with a price range of 1,771.55-1,788.96 USDT and a fluctuation of 0.98%. The closing price for the day was $1,783.45, rebounding about 13.6% from the low of 1,569.94 on July 1. The market is in a technical repair phase above the key support area, with limited volatility but gradually increasing trading volume.

The main driver of this move is a technical oversold bounce. After ETH tested the low of 1,569.94 on July 1, near the key support area of $1,500-1,600, it quickly rebounded. Combined with the Fear & Greed Index dropping to 14 (extreme fear), technical indicator repair needs triggered rebound momentum.

Second, after deleveraging in the derivatives market, bearish forces were released. Open interest fell 22.2% in 30 days to $22.02 billion, with short covering under the dominance of long liquidations driving short-term prices upward. Meanwhile, on-chain data shows whales accumulating ETH, with over 140,000 ETH taken in by large addresses during May. Exchange reserves continue to decline, suggesting holders tend to hold long-term, providing bottom support for prices. Furthermore, ETF fund flows were $0 on the day, with no new selling pressure, providing a relatively friendly funding environment for the rebound.

Short-term volatility risks need attention. The structural pressure of a 30-day net outflow of $960.2 million from ETFs still exists. If macro liquidity tightens or regulatory news disrupts later, it may suppress the rebound space.