ETH drops sharply by 0.94% in 15 minutes: profit-taking by short-term holders and resistance-level pressure converge to trigger a pullback

From 20:15 to 20:30 (UTC) on June 2, 2026, ETH saw a rapid drop within 15 minutes, with a return of -0.94%. The price ranged from 1895.72 to 1914.85 USDT, with a 1.00% amplitude. Market volatility noticeably accelerated, and the short-term technical picture turned weak.

The main driver behind this abnormal move is the continued selling pressure from short-term holders, resonating with stress around key technical resistance levels. Based on on-chain data, the ETH short-term holder cohort has continued to sell throughout the period from March to June 2026. The share of ETH supply held by one-week to one-month holders fell from 6.9% to 5.3%, a decline of 1.6 percentage points. This portion of supply has been confirmed as sold rather than transferred to long-term holders, creating direct downward pressure on price. At the same time, price repeatedly met rejection near the $2,348 key resistance level. The Money Flow Index (MFI) is in an overbought state and has broken above the 80.0 threshold, indicating a pullback is needed from a technical standpoint.

In addition, the derivatives market structure further amplifies volatility. ETH perpetual contract funding rates are -0.0020%, showing that short pressure is dominant. During the earlier extreme market move, the combined liquidation amount for ETH and SOL exceeded $300 million, forcing longs to liquidate and forming a negative feedback loop. On the institutional side, spot ETH ETFs recorded a $356 million net inflow in April, but have not yet formed a sustained and strong net inflow trend, and institutional sentiment remains tilted toward waiting-and-seeing. On the macro level, the ETH Fear & Greed index is only 23 (extreme fear). Bitcoin has stalled and pulled back above $113,000, and ETH is under synchronized pressure due to its high beta profile.

In the short term, watch whether price can effectively break below the $2,158 support level. If that level is lost, it may test the $1,917 historical support further. The negative feedback loop from leveraged liquidations could persist, so closely monitor signals that MFI returns to neutral territory and whether Bitcoin stabilizes.