ETH 15-minute short-term rally up 0.92%: improving macro expectations combined with stronger buy-side demand is driving a rebound against the trend

July 20, 2026, 15:00–15:15 (UTC), ETH saw a short-term rally of 0.92% within 15 minutes. The price rose from 1,867.52 USDT to 1,886.08 USDT, with an Ampl of 0.99%. Against the backdrop of BTC falling by about 1.26% over the same period, ETH bucked the trend and rose independently with strong performance, and market attention was clearly heating up.

The main driver behind this move was mild buying pressure as macro expectations improved. This week, the US and Europe are set to release PMI data. Market repricing of economic data expectations is driving short-term volatility in risk assets, and funds tend to position ahead of time. Meanwhile, order book data shows bids are notably dominant, with the buy-to-sell ratio at 5.70. Total buy orders were 11.33 units versus 1.99 units for sell orders. A large bid wall of 6.77 units formed around $1,890.69 (about 59.8% of the total across the top 5 levels), providing strong near-term price support.

Second, an ECB survey indicates that wage demands and sales price growth are slowing, suggesting easing inflation pressure and a more favorable environment for pricing risk assets. In addition, Polygon’s acquisition of Coinme and related organizational restructuring reflect ongoing consolidation and strategic expansion within the Ethereum ecosystem, indirectly boosting the ETH ecosystem narrative. The community sentiment’s overall composite score is 0.40 (slightly positive but neutral). The positive share is 88.9%, but overall sentiment remains rational and restrained, with no FOMO-style chasing.

It’s important to note that current order book liquidity is extremely thin (only 1 data level, with just 1 order in total). The actual trading depth may be insufficient to support such a large order, so be alert to rapid pullbacks caused by liquidity shocks. Key support to watch is $1,868–$1,870, while resistance is $1,896–$1,900. This week’s US/EU PMI data and Tesla’s earnings report will influence the next move, so closely monitor how macro catalysts guide risk appetite.