Between 04:30 and 04:45 (UTC) on June 9, 2026, ETH surged rapidly within 15 minutes, with a return of +1.18%. The price ranged from 1664.55 to 1691.42 USDT, with a volatility of 1.61%. This period coincided with a rebound window after large-scale liquidations, during which short-term fluctuations noticeably intensified.
The main driver behind this move is the liquidation–rebound cycle effect in the derivatives market. The day before, the crypto market went through large-scale liquidations, with a single-day liquidation amount reaching $1.75 billion. Of that, short-seller liquidations accounted for $1.53 billion, placing the market at the late stage of deleveraging. After prices fell rapidly, massive short positions were forced to close. In a short period, buy orders used to close short ETH positions appeared in a concentrated wave, pushing prices into a fast rebound.
In addition, multiple factors converged to amplify volatility. First, on June 9, the Central Bank of Russia announced that it would allow retail investors to trade BTC, ETH, and USDT. ETH, being one of the few permitted crypto assets, received incremental buy demand, and programmed trading strategies may have been triggered as a result. Second, technical buying emerged after the price touched key technical support levels. Previously, institutions such as Longling Capital transferred $15.7 million worth of ETH to a top platform, drawing market attention to fund flows. Although some whale addresses have conducted shorting activity, large on-chain transfers have occurred frequently, making the overall game of capital flows more complex.
Risks from current volatility still need to be watched. In the short term, the rebound mainly depends on the strength of short-covering, and its sustainability remains uncertain. Going forward, key areas to monitor include ETHETF fund flows, unusual movements in on-chain wallet funds, and changes in derivatives market funding rates. On the upside, the 1700 USDT psychological level poses resistance; if momentum is insufficient, prices may fall again. Users should be wary of the risk of chasing gains in the short term, and watch key support at 1650 USDT as well as changes in the macro news backdrop.
