ETH plunges 1.58% in 15 minutes: Bitcoin breaks support, triggering widespread market panic

From 14:15 to 14:30 (UTC) on June 2, 2026, ETH saw a sharp drop of 1.58% within 15 minutes. Its price fell from 1,968.52 USDT to 1,925.53 USDT, with a swing of 2.18%. The overall market is in a weak pullback phase. After Bitcoin broke below the $70,000 key support level, panic sentiment spread to Ethereum.

The main driver behind this abnormal move is the spillover effect from Bitcoin’s technical breakdown. After Bitcoin fell 3% on June 1, it dropped a further 1.5% on June 2, losing the important $70,000 psychological level. As a market bellwether, Bitcoin triggered a broader risk-off sentiment across other crypto assets.

Second, ongoing outflows from spot ETFs have created selling pressure. In May, US Ethereum spot ETFs recorded net outflows of $401.62 million, the third-largest monthly net outflow since the end of 2025. Institutional investors pulling back directly weighs on ETH prices. Meanwhile, the technicals are at a battleground node around the $1,964 key trendline support. There is high uncertainty about whether the market can hold that level, and short-term traders have chosen to reduce positions and wait, amplifying volatility. The stablecoin dominance hitting an 11.11% new high also reflects capital flowing out of the crypto market.

If ETH effectively breaks below the $1,964 support level, it may trigger automated sell orders, with a potential target around $1,545. Key factors to watch include whether Bitcoin stabilizes, ETF capital flows, and the validity of the $1,964 support level.