ETH 15-minute short-term rally of 0.45%: trading volume expands combined with institutional funds continuously flowing in to drive a short-term rebound

On May 9, 2026, from 17:00 to 17:15 (UTC), ETH experienced a short-term rally of +0.45% within a 15-minute window, with the price range between 2319.91 and 2333.5 USDT, and an amplitude of 0.59%. The short-term volatility was significantly higher than the preceding and following periods, with market trading activity clearly increasing.

The main driving force behind this movement was a resonance between increased trading volume and capital inflows. Since early 2026, ETH ETFs have continued to see net inflows, with January’s net inflow reaching $174 million, and total holdings rising to $19.05B, accounting for 5.06% of ETH’s total market value, indicating ongoing institutional capital deployment. Meanwhile, in December 2025, ETH’s net inflow on a major exchange reached $960 million, ending several months of net outflows and significantly improving market liquidity. During this period on May 9, minute-level trading volume expanded, coinciding with price increases, indicating that new capital actively bought in to drive the rally.

Secondly, high on-chain activity provides important support. On January 16, 2026, ETH’s on-chain daily transaction count hit a record high of 2,885,524 transactions. The number of new wallets continued to grow, and the holding structure shifted from concentration to dispersion. After network upgrades, gas fees remained low (0.026-0.028 gwei), with single transfer costs under $0.01, and increased activity in DeFi and NFT ecosystems provided fundamental support for the price. Additionally, network upgrades on Fusaka and Pectra increased mainnet throughput by 33%, alleviating network congestion and boosting market confidence in ETH’s long-term value.

Regarding risk warnings, attention should be paid to the potential for liquidity concentration to withdraw suddenly, which could trigger sharp short-term fluctuations. Large-scale redemptions after increased ETF holdings could impact the spot market. Continuous monitoring of subsequent network upgrades and changes in global regulatory policies is also necessary. Key resistance levels are at $3,250, with support levels at the $2,300 mark. Users are advised to closely observe on-chain capital flows and macro policy developments.