ETH short-term increase of 1.04%: Spot buying driven and deflation expectations resonate to amplify the rally

On March 3, 2026, from 12:00 to 12:15 (UTC), ETH prices rapidly rose within the range of 1960.84 to 1990.3 USDT, recording a 1.04% return with a volatility of 1.50%. The candlestick data reflects significant market activity during this period, with trading volume and volatility both at high levels, attracting widespread market attention.

The main driver of this movement was active buying in the spot market, pushing short-term prices higher. Additionally, leveraged funds in the futures market participated heavily, with open interest exceeding $25 billion. About $96.85 million of long and short positions were concentrated in liquidations, strengthening the upward momentum. These active buy orders and leveraged adjustments formed the core drivers of the rapid price jump.

Furthermore, deep structural resonance factors are equally important. After the EIP-1559 upgrade, ETH’s base transaction fees are burned directly, significantly enhancing deflation expectations. Coupled with active on-chain NFT and DeFi applications, which generate high transfer and fee volumes, ETH burn rates increase. The market’s recognition of ETH’s scarcity and long-term value has risen, serving as the underlying logic for continuous capital inflows. Meanwhile, spot market liquidity remains ample, with no signs of liquidity crunches or extreme on-chain events. The long and short positions remain balanced, and market sentiment is relatively optimistic. The convergence of multiple factors amplifies short-term volatility.

It is worth noting that, although short-term price fluctuations are mainly driven by active buying and capital flows, there remains a risk of volatility under high leverage positions. Future focus should be on key support levels, changes in futures open interest, on-chain fund flows, and macro news developments to timely grasp market risks. Please stay tuned to the latest market updates and be alert to sudden events that could cause volatility.