ETH 15-minute Rally 0.91%: On-chain Liquidity Enhancement and Short Covering Drive Market

Between 02:15 and 02:30 (UTC) on March 23, 2026, ETH prices rapidly rose within the range of 2047.53 to 2070.28 USDT, with a 15-minute return of +0.91% and an amplitude of 1.11%. Market volatility intensified during this period, interest increased, and spot and derivatives trading volumes expanded simultaneously, indicating a clear short-term battle between bulls and bears.

The main driver of this movement was recent large-scale stablecoin (USDC/USDT) minting events on the chain, which boosted liquidity. Specifically, around March 16, a total of $1.6 billion flowed into the chain, bringing significant buying pressure to mainstream assets and pushing prices higher. Meanwhile, the funding rate in the derivatives market (Hyperliquid_avg_funding_rate) remained deeply negative from March 13 to 18 before gradually returning to neutral, with evident short covering and forced liquidations of some short positions, providing short-term upward momentum for ETH.

Additionally, active addresses and daily transaction counts on the ETH network hit record highs, with over 1 million active addresses and 2.8 million transactions per day in March, supporting liquidity and volatility. Recently, multiple large whale sell-offs (up to 5.35 million ETH in a single event) combined with long-term MVRV-30% data have kept the market structure in a high-volatility battle. The 24-hour spot trading volume also increased significantly, with cross-market liquidity expanding in tandem. On-chain activity and trading momentum resonated, strengthening the tug-of-war between bulls and bears and causing localized rebounds.

It is important to note that platforms like Santiment still classify ETH as a “pressure asset,” with whale selling pressure and loss-mitigation needs creating upward resistance. If large amounts of chips are released again, the rebound potential may be limited. Although derivatives funding rates have recovered somewhat, the overall structure remains bearish, and liquidity sustainability depends on the continued deployment of stablecoins. Short-term, focus should be on key support levels, changes in derivatives positions, and further on-chain fund movements to mitigate risks of price retracement amid high volatility. Keep monitoring real-time market information dynamically.