On March 18, 2026, from 20:00 to 20:15 (UTC), the price of ETH experienced significant volatility, with a return of -0.66%. The price ranged between 2,153.01 and 2,188.32 USDT, with an amplitude of 1.62%. During this short period, trading activity was active, market attention increased, and the rapid decline in price triggered discussions across the board.
The main drivers of this movement were large on-chain wallet transfers of ETH to trading platforms, creating selling pressure, and forced liquidations in the derivatives market. At 20:03 UTC, two large wallets transferred a total of 12,000 ETH to trading platforms, causing a 28.3% surge in inflows over the next 15 minutes, which concentrated selling. Simultaneously, open interest in ETH perpetual contracts decreased by 2.1%, with liquidations of long positions totaling $8.7 million, far exceeding recent averages, further pushing the price downward.
Additionally, spot trading volume increased by 11% over 15 minutes, order book depth decreased, and the bid-ask spread widened from 0.12% to 0.19%, further reducing short-term liquidity. On-chain data showed net capital flowing from ETH into stablecoins surged by $62 million, indicating increased risk aversion among investors. The ETH long-short ratio dropped from 1.27 to 1.11, with short positions gaining dominance. Multiple behaviors resonated, amplifying short-term selling pressure and volatility.
Current price decline momentum and liquidity pressure remain, highlighting the risk of market dominance by large wallet actions. Key focus areas include on-chain fund flows on trading platforms, recovery of long positions, and changes in order book buy-sell strength. With support and resistance levels fluctuating, users should strengthen short-term risk management, monitor market changes in real-time, and guard against sudden selling pressure and liquidity shocks that could lead to further price movements.
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