ETH short-term 15-minute rally of 0.55%: Derivative leverage capital inflows combined with increased on-chain activity driving short-term upward movement

On April 24, 2026, from 15:30 to 15:45 (UTC), ETH experienced a short-term surge with a +0.55% return on the 15-minute candlestick level, with the price range between 2312.35 and 2325.99 USDT, and an amplitude of 0.59%. During this period, the price rose rapidly, market attention significantly increased, and the volatility expanded compared to the intraday average level.

The main driving force behind this anomaly was the concentrated inflow of leveraged funds in the derivatives market. In April, ETH open interest continued to rise, with a single-day increase of up to 26%, surpassing a total of $34.165 billion. High-leverage funds mainly built long positions, creating an additive effect with spot buying, which pushed the price upward in a short period. This factor closely coincides with the timing window of the price anomaly and is the core momentum behind this surge.

Secondly, increased on-chain activity provided fundamental support for the price rise. On April 23, ETH daily active addresses reached 585,051, an 8.38% increase week-over-week and a 15.12% increase compared to the same period last year. The network’s genuine participation significantly increased, driving spot demand higher. Additionally, whale accounts conducted large transfers and derivatives positions before and after the anomaly window, enhancing market liquidity and serving as an important trigger for the price movement. At the same time, it should be noted that ongoing activity on competing chains like BNB Chain continued to divert market funds, and multiple factors combined to amplify volatility.

Risks to watch include: highly concentrated leverage funds, which could trigger large-scale liquidations and cascades if the price fails to sustain its upward trend; short-term surges in on-chain activity driven by arbitrage may weaken price support once they recede; and the flow of large whale funds is uncertain, with concentrated selling likely to increase liquidity pressure. It is recommended to continuously monitor derivatives positions, large on-chain transfers, and fund flows, and remain alert to short-term pullback risks.