ETH plunges 1.39% in 15 minutes: Technical support breaks and ETF fund outflows converge

Between 04:00 and 05:00 (UTC) on June 6, 2026, ETH sharply dropped by 1.39% within 15 minutes. The price ranged from 1,538.32 to 1,569.41 USDT, with a swing of 1.99%. The market continued its pullback trend that has been ongoing since the historical high of $4,954 in August 2025. The Fear and Greed Index sits in the deep fear zone at 29, with volatility noticeably increasing.

The main driver behind this move is the breakdown of a key technical support level. ETH has fallen below the $1,964 key support. The 50-day moving average ($2,194) and the 200-day moving average ($2,509) have continued to suppress rebound attempts. From on-chain cost distribution, there are many holders’ entry cost levels in the $2,059 to $2,070 range. If the price rebounds back into that zone, it will face significant supply pressure. Meanwhile, the pattern of ongoing net outflows from ETF funds has not changed. Without incremental capital inflows to stabilize the price, it remains a core driver of the downside.

Second, large holders’ behavior has shifted. In early May 2026, large wallets rapidly accumulated more than 140,000 ETH when the price was close to $2,375 to $2,400, but subsequently the price fell to around $1,514. Such accumulation behavior is often followed by further selling pressure. In addition, risk continues to build in the DeFi market. The risk of weETH and ETH de-coupling on Aave V3 is highly concentrated; once a de-coupling occurs, it may trigger a chain of liquidations. The Glamsterdam upgrade activation date has not yet been confirmed, so there is no clear price catalyst. Multiple factors are forming a convergence.

For the short term, watch the battle around the $1,964 support level. If the daily close is below this level, it will open room for downside to $1,545. ETF fund flows, on-chain big-wallet transfer patterns, and the progress of macro events will be key indicators to monitor next. Market volatility risk remains, so risk control is recommended.