ETH drops 0.44% in 15 minutes: weak performance in May continues, compounded by ETF outflows triggering short-term selloffs

From 15:15 to 15:30 UTC on June 1, 2026, ETH saw a sharp drop of 0.44% within 15 minutes. The price fell from the $1,970 range to near $1,960, with a range of 0.53%. This short-term anomaly occurred against the backdrop of ETH’s daily chart already having dropped 2.26%, with clear pressure across the broader market.

The main driver behind this anomaly was the continued weak pattern seen in May 2026. ETH’s May monthly close fell by -12.6%, breaking the prior pattern of May closing higher for two consecutive years. At the same time, the US spot ETH ETFs recorded net outflows of as much as $401.62 million in May—marking the third-largest single-month net outflow since the end of 2025—directly resulting in insufficient spot buying to absorb demand.

Second, technical factors intensified short-term selling pressure. The price dipped to $1,960 that day, approaching the key trendline support at $1,964, triggering some technical stop-loss sell orders. Meanwhile, there is a large cost-basis concentration zone for holders clustered between $2,059 and $2,075 above the current price. During rebounds, the pressure from positions being freed and sold is likely to be more evident. In addition, June has historically been a non-strong month for ETH, with a historical average return of -6.74%, making market participants generally cautious. Within the short 15-minute window, liquidity is relatively thin, which also amplifies price volatility.

Going forward, it’s crucial to watch whether the key support at $1,964 holds effectively. If two consecutive days of closing fail below that level, it could confirm the continuation of the downtrend, with downside targets pointing to $1,545—an estimated potential drop of about 21%. At the same time, keep monitoring ETF fund flows and changes in on-chain holdings by large whales.