ETH drops sharply in 15 minutes by 1.39%: profit-taking and a liquidity scramble near the $2,400 resistance level

From 04:00 to 04:15 (UTC) on June 6, 2026, ETH fell 1.39% within 15 minutes. The price dropped from 1,569.41 USDT to 1,538.32 USDT, with a 1.99% range. This period was during a low-liquidity window in the afternoon in Asia, which significantly amplified price fluctuations.

The main driver behind this abnormal move was position reshuffling near a technical resistance level. Throughout May 2026, ETH repeatedly encountered rejection below the $2,400 resistance level and pulled back. Since March, this level has repeatedly capped attempts to break higher. As the price repeatedly tested the $2,200–$2,400 range without breaking out, floating-loss positions kept building up. Some short-term traders chose to cut losses or take profits near the resistance level, triggering short-term sell pressure.

At the same time, extreme long positioning in the futures market intensified volatility. In March 2026, the liquidation amount in the crypto futures market totaled $1.68 billion, of which long positions accounted for about $1.42 billion, with a severely imbalanced long/short ratio. When the market is heavily concentrated in extreme longs, any pullback can trigger a chain of liquidations, further amplifying the selling pressure. In addition, spot ETFs continued to see net outflows. On May 13, 2026, the single-day net outflow reached $363 million, reflecting institutions’ cautious stance toward ETH and resulting in persistent spot selling pressure. The Crypto Fear and Greed Index has fallen into the “extreme fear” range of 17, making market sentiment highly sensitive—small sell orders can quickly drive a drop.

Currently, ETH is still trading below a key technical resistance level. In the short term, traders should watch the effectiveness of support around $1,530; if it breaks, the price may probe lower further. At the macro level, attention should be paid to the link between U.S. tariff policy and fluctuations in Treasury yields and how they affect overall risk assets. In terms of execution, investors should be wary of volatility amplification risks during low-liquidity periods and are advised to wait for more signs of stabilization before positioning.