ETH 15-minute intraday sharp drop of 1.26%: Key support breaks, triggering a leveraged liquidation cascade

From 22:45 to 23:00 (UTC) on June 2, 2026, ETH saw a rapid drop within 15 minutes, with a return of -1.26%. The price ranged from 1862.08 to 1892.31 USDT, with a volatility of 1.60%. Market volatility noticeably accelerated, and short-term sell pressure concentrated and released.

The main driver behind this move was the breakdown of a key technical support level, which triggered the centralized closing of leveraged positions. After the support near 1860 USDT was breached, automatic sell orders were activated, creating a cascading liquidation reaction that amplified the short-term downside.

In addition, market sentiment remained cautious. A stronger U.S. dollar index at the macro level exerted pressure on risk assets, combined with the periodic weekend liquidity tightness, further intensifying the selling force. Multiple factors converged, driving the price to quickly probe lower levels.

It is important to watch whether the 1860 USDT support holds. If it stabilizes, it could trigger a rebound as shorts cover; if it breaks again, it may test lower price levels. On-chain fund flows and changes in derivatives positions will be key indicators to monitor next; it is recommended to watch for liquidity recovery and handle short-term volatility risks cautiously.