On March 26, 2026, from 20:00 to 20:15 (UTC), ETH showed strong short-term performance, with the price rising from $2046.39 USDT to $2080.46 USDT. Over this 15-minute interval, the return was +1.10%, with a volatility of 1.66%. This fluctuation attracted significant market attention, with large on-chain transfers and increased activity, and trading volume expanding notably, indicating active liquidity and capital flow.
The main driver of this movement was continuous large-scale buying of ETH by whales and institutions, accumulating over 103,300 ETH in the past 10 days. Large single buy orders during high activity periods triggered upward price movements. Additionally, after March 20, ETH options expiration prompted main funds to rebalance spot and options positions, with some short positions closed and bullish positions increased, forming a short-term rally.
Furthermore, recent large-scale “address poisoning” attacks on the ETH network caused an abnormal surge in transaction counts, boosting on-chain activity. Some funds exploited this for high-frequency arbitrage and strategy shifting, further amplifying price volatility. Meanwhile, major funds in the BTC market experienced losses and exited, with some capital flowing into ETH, creating a resonance of cross-asset capital transfer. On a macro level, although the Federal Reserve’s policy has not shifted, institutional demand for ETH staking has increased, providing medium-term support for the price.
Caution is advised regarding potential confidence fluctuations caused by abnormal on-chain behavior. Short-term focus should be on large transfers and unusual address activity. Additionally, global liquidity remains tight; if the US dollar continues to strengthen or risk appetite declines, upward pressure on ETH will increase. The options market is highly concentrated, and major movements during key windows could further intensify spot volatility. It is recommended to closely monitor ETH on-chain fund flows, macro news, and derivatives market positions to manage short-term volatility risks. Stay tuned for more market updates.
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