ETH closed up 0.57% in the 17th period: oversold repair and whale accumulation support short-term rebound.

During the period from 16:00 to 17:00 (UTC) on 2026-06-24, ETH price rebounded slightly, with a return of +0.57%, a price range of 1616.34-1628.4 USDT, and a volatility of 0.75%. Previously, ETH experienced a sharp drop of -6.03% on June 23, with market sentiment in the "extreme fear" zone. The 14-day RSI was 42.15, close to the oversold area, indicating short-term technical repair demand.

The main driver of this unusual movement is technical rebound demand—after the previous day's sharp decline, the market experienced an oversold recovery. At the same time, whales accumulated a total of 1.02 million ETH (approximately $2 billion) during May, engaging in strategic accumulation regardless of short-term price fluctuations, providing potential support for the price. Additionally, although the specific timeline for the Ethereum Glamsterdam upgrade has not been confirmed, the upgrade is expected to reduce gas fees by 78.6% and increase throughput to 10,000 transactions per second, marginally improving market sentiment. The staking rate of approximately 30% locks up circulating supply, also providing some support for the price.

However, continued outflows from ETF funds indicate cautious institutional sentiment. The spot Ethereum ETF recorded a net outflow of $216 million in the seven days through May, with a single-day net outflow of $121.4 million on May 28. Meanwhile, the price remains significantly below key moving averages (20-day EMA $1,753, 50-day EMA $1,901, 100-day EMA $2,064), indicating a generally weak technical outlook.

Volatility risk remains. Investors should monitor the specific timeline for the Glamsterdam upgrade, on-chain whale position changes, and ETF fund flows. If the price fails to break above the 20-day moving average resistance, the rebound space may be limited. It is recommended to pay attention to performance around the key resistance level of 1620 USDT.