ETH jumps 0.81% in 15 minutes: short-term rebound triggered by short-covering and technical support convergence

From 14:45 to 15:00 (UTC) on May 29, 2026, ETH posted a +0.81% gain within 15 minutes, trading between 1984.43 and 2004.44 USDT, with a 1.01% amplitude. Market sentiment is in extreme panic: the Fear & Greed Index is only 22, down 17 points over 7 days, reflecting investors’ confidence continuing to deteriorate.

The main driver behind this move is short covering. ETH’s current funding rate is -0.0007% (8 hours), implying an annualized rate of about -0.76%. Over the past 30 days, 61% of the time periods have remained negative, meaning shorts must keep paying fees to longs. Combined with data showing that liquidation amounts by longs exceed those by shorts (longs $124 million vs shorts $102 million), this suggests that during the prior selloff, large volumes of long positions were forcibly liquidated; after the price stabilized in the short term, shorts chose to close for profit, lifting prices.

Second, technical support and market sentiment are aligning. Price is in a key technical support area, where algorithmic trading strategies trigger buy signals. Meanwhile, under extreme fear, some shorts take profit instead of continuing to hold. Ethereum on-chain activity remains highly active: daily transaction count is about 2.311 million, providing ample liquidity for the rebound.

Risks to watch for short-term volatility. ETH’s open interest is currently $30.64 billion, up 9.91% over 30 days. The long-to-short ratio is 2.1, and retail long exposure is 67.7%, indicating crowded positioning. If price rises rapidly and triggers large-scale short liquidations, it could further push prices up; but if the trend reverses, concentrated long liquidations could create a negative feedback loop. Investors should closely monitor the key resistance level at $2,098 (a dense short liquidation zone on major platforms) and changes in ETF capital flows.