From 16:00 to 16:15 UTC on June 2, 2026, ETH delivered a +0.96% return within 15 minutes, trading in the range of 1909.53-1933.85 USDT, with a 1.27% swing. Against the backdrop of a sharp drop in Bitcoin of about 3% in the same period and a fall below the $71,000 key support, ETH showed clear relative downside resilience and even moved higher against the trend, drawing market attention.
The main driver behind this move is that the ETH/BTC currency pair issued a technical bullish signal. ETH/BTC printed a bullish TBT divergence and re-entered the TBO cloud range trading, suggesting that capital is rotating from Bitcoin into ETH. At the same time, Bitcoin dominance has fallen by 3% since mid-May; OTHERS.D and TOTALE50.D outperformed the broader market, indicating a structural capital rotation within the crypto market.
In addition, on-chain data provides direct support. During May 2026, addresses holding more than 10,000 ETH accumulated more than 140,000 ETH in net buys over several days. Whale’s continued large-scale accumulation behavior reduces potential sell pressure in the market; the exchange’s ETH reserves are in a net outflow state, which provides bottom support for prices. Meanwhile, the Glamsterdam upgrade is expected to be implemented in June 2026 (capable of increasing network throughput to 10,000 transactions per second and reducing Gas fees by up to 78%). Historical data shows that ETH tends to be priced in ahead of major upgrades. On the institutional side, Standard Chartered’s research team explicitly stated that “2026 will be the year of Ethereum,” further strengthening the medium- to long-term bullish narrative.
Risks must be monitored closely. The technical RSI has entered an oversold region again; OBV confirms that meaningful selling has been visible since mid-May. A breakout of the bear-flag pattern could point to lower highs. The U.S. Dollar Index (DXY) remains above the daily TBO cloud, while stablecoin dominance has risen to 11.11%, showing that capital outflow pressure is still present. Investors need to watch the effectiveness of support for ETH/USD around $1,900 and the evolution of relative strength in ETH/BTC, and stay alert to correlation risks if Bitcoin declines further.
