ETH falls 0.49% in 15 minutes: order book liquidity depletion and timing of futures settlement triggering short-term sell pressure

From 18:15 to 18:30 UTC on June 2, 2026, the ETH/USDT trading pair fell 0.49% within 15 minutes. The price dropped from 1923.85 USDT to 1912.4 USDT, with a range of 0.60%. The decline during this period was more concentrated than the overall performance for the day (daily drop: -4.03%). Market sentiment was weak, and a tense liquidity atmosphere was prominent.

The main driver behind this abnormal move is a structural depletion of order book liquidity. Data shows that the ratio of ETH depth to trading volume has been compressed to 2.6%, the lowest level in months. The 2% depth is only $393.34 million, while spot trading volume during the same period was as high as $15 billion. Buyer liquidity cannot effectively absorb the sell pressure. At the same time, 18:15-18:30 UTC coincides with the transition between the Asian and European trading sessions, further tightening liquidity and significantly amplifying price volatility.

In addition, multiple factors formed a resonance effect. Slower ETF fund inflows reduced marginal buy-side demand. ETH 30-day futures returns were only 2.69%, lower than the 7-day and 180-day periods, reflecting recent positioning adjustments and weak sentiment, with pressure for longs to unwind. From a macro perspective, if risk-off sentiment rises during this period (e.g., stock market declines, a stronger US dollar), the crypto market as a whole will face pressure. Over a larger time horizon, ETH has already fallen from $3100 to $1914 year-to-date, a drop of about 38%. The market remains in a weak structure, and any sell pressure is amplified.

In the short term, watch whether liquidity improves and monitor ETF fund flows. If sell pressure persists, it may test the $1824.77 long-term support level. Traders’ probability that ETH breaks below $1750 has risen to 70%, suggesting increased pricing of downside risk in the market.