ETH 1-hour increase of 1.47%: On-chain transactions surge and ETF capital inflows resonate to drive the rise

On April 17, 2026, from 13:00 to 14:00 (UTC), ETH experienced significant fluctuations amid increased market attention. K-line data showed a one-hour return of +1.47%, with the price range between 2366.69 and 2409.07 USDT, and an amplitude of 1.79%. During this volatility, trading activity and capital flows intensified notably, attracting investor focus.

The main drivers of this movement were a surge in on-chain trading volume and whale accumulation. During this period, ETH on-chain trading volume averaged 1.91M transactions per day, a 12% increase compared to the previous week. The frequency of transfers exceeding $100k also rose simultaneously, indicating active participation by large holders. Additionally, major whale wallets on the chain showed net inflows, with increased capital positions supporting the price. Furthermore, the US spot Ethereum ETF experienced two consecutive days of net capital inflows, with over $9.5 million subscribed on April 17, reflecting sustained institutional interest and a capital-driven momentum.

Moreover, the ETH order book structure showed a clear buy-side imbalance, with buy orders at several times higher than sell orders by 40%-55%, leading to a short-term supply-demand tilt toward the bulls and further upward price pressure. On the macro level, the Federal Reserve maintained interest rates unchanged, and the global liquidity environment remained loose with increased risk appetite, further strengthening upward momentum. Although activity on-chain for USDT/USDC pairs decreased, indicating weakened short-term buying power, it did not substantially suppress the price.

Current volatility remains uncertain. If whale holdings shift or the order book imbalance temporarily reverses, the market could experience rapid and sharp corrections. The progress of ETF filings and regulatory developments are also key variables. It is recommended to monitor the 2360 USDT support zone, whale wallet addresses, and ETF capital flows closely, while remaining alert to sudden liquidity and sentiment disruptions. For more real-time market updates and on-chain data changes, continuous tracking of relevant market news is advised.