ETH drops 1.14% in 15 minutes: technical breakdown in Bitcoin triggers coordinated market liquidation

From 15:15 to 15:30 (UTC) on June 2, 2026, ETH plunged 1.14% within 15 minutes. Its price fell from 1,935.12 USDT to 1,908.02 USDT, with a swing of 1.40%. The anomaly occurred against the backdrop of Bitcoin breaking below the $71,000 key support level that day, when the broader market was in extreme fear; the Fear & Greed Index briefly dropped to the 10–11 range.

The main driver behind this move was system-wide selling triggered by Bitcoin’s technical breakdown. Bitcoin extended Monday’s downtrend on June 2; it fell about 3% on the day, then continued lower by another 1.5%. OBV (On-Balance Volume) issued a strong bearish signal. Trading volume moved above the 20-day moving average, confirming aggressive sell pressure. After the key technical support of $71,000 was lost, market funds rotated rapidly, with investors moving out of risk assets into stablecoins or cash.

Second, ongoing net outflows from spot ETFs further intensified ETH’s funding pressure. In May 2026, US ETH spot ETFs saw net outflows of $401.62 million, the third-largest monthly net outflow since the end of 2025. Combined with bearish technical patterns—including an inverted cup, a bear flag, and a death cross—multiple factors resonated to amplify short-term downside moves. At the same time, stablecoin dominance hit a local new high of 11.11%, indicating capital is exiting the crypto market.

Going forward, the $1,964 key support level needs close monitoring; if it breaks, ETH could drop to $1,545. On-chain data shows that whales are still net accumulating ETH, and net positions of long-term holders remain positive. RSI and price are showing hidden bullish divergence, suggesting a potential short-term rebound. Investors should closely track ETF fund flows and whether Bitcoin stabilizes, and watch how key support levels respond.