ETH plunges 1.24% in 15 minutes: Weak technical conditions combined with on-chain capital outflows triggers short-term selling pressure

From 14:30 to 14:45 UTC on May 26, 2026, ETH saw a sharp drop of 1.24% within 15 minutes. Its price fell from 2138.8 USDT to 2105.92 USDT, with a swing of 1.54%. Market sentiment is weak: the Fear & Greed Index is in the “Fear” range at 30, and volatility has notably increased.

The main drivers behind this move are the weak technical setup and a rebound in on-chain capital outflows. Price has continued to trade below the 50-day moving average ($2250.80) and the 200-day moving average ($2532.09), creating clear technical pressure. The 14-day RSI is only 37.63, remaining in a weak zone. On that day, Ethereum mainnet recorded net outflows of $688.7 million, with funds moving to L2 networks such as Arbitrum and Base. On-chain data shows multiple whale wallets (address 0x28c6c062...) continuing large transfers out, with single transactions of 13,000-16,000 ETH, triggering concerns in the market about institutional selling.

Multiple factors compound to amplify volatility. ETH funding rate is 76.4% annualized, but week-over-week fell by 6 basis points, indicating leverage is normalizing from elevated levels. Stablecoin USDC continues to be redeemed by $639.9 million, reflecting tightening liquidity. Market maker order book depth is only $480.4 million, with bids accounting for 52%, suggesting weak buy-side absorption.

The current weak technical picture remains unchanged. Key levels to watch include the 50-day and 200-day moving averages’ pressure zones, the on-chain whale address fund flows, and mainnet capital outflows. After the sharp 15-minute selloff, there may be a risk of momentum-driven further downside. Traders should watch the $2100 USDT support level.