ETH short-term 15-minute rally of 0.89%: a resonance of increased capital inflow and a rebound in macro risk appetite

Between 05:15 and 05:30 (UTC) on April 22, 2026, ETH’s return was +0.89%, with a price range of 2366.07 to 2396.72 USDT, and an amplitude of 1.30%. During this period, the price experienced a rapid short-term surge, market attention significantly increased, and buying and selling forces tilted toward the bulls.

The main driver of this movement was the synchronized net inflow of funds in both the spot and derivatives markets. The proportion of buy orders in the spot market rose to 54.2%, above the 30-day historical average range of 50% to 54%. Large buy orders increased noticeably across multiple platforms, with single transactions exceeding 2000 ETH. In the derivatives market, ETH perpetual contract open interest increased by approximately $2.2 billion in the past 24 hours, reaching a nearly three-week high, and was predominantly new long positions, indicating a rebound in market risk appetite.

Meanwhile, several secondary factors resonated to amplify this rally. First, on-chain trading activity remained high, with 1,895,599 transactions in 24 hours, and Gas fees at a historic low of about $0.15, reducing transaction costs and attracting continuous capital inflows. Second, the proportion of stablecoin transfers increased to about 9.8%, indicating enhanced on-chain liquidity. Third, on the macro level, the US and Iran reached a temporary ceasefire agreement, leading to a general recovery in market risk appetite, with Coinbase premium turning positive, reflecting renewed demand from US investors. Additionally, the Fusaka hard fork completed on the ETH mainnet about 7 weeks ago, along with the blob parameter adjustment in January, increased network capacity, with Gas limit raised from 45 million to 60 million, strengthening the network’s capacity to carry funds. Notably, the scale of short liquidations was about $182 million, which was limited and did not trigger large-scale forced liquidations, ruling out extreme short squeeze factors.

Current market volatility risks still require attention. Caution is needed regarding potential retracement risks in the position structure; if market sentiment reverses later, net longs could face liquidation pressure. Moreover, the US-Iran ceasefire is a short-term event; if geopolitical tensions fluctuate again, the momentum of capital inflows may weaken. Future focus should be on the ETH resistance level around 2400 USDT, changes in on-chain fund flows, and macro news developments.