From 02:00 to 02:15 (UTC) on 2026-04-02, ETH saw a clear drop. Within 15 minutes, the return was -1.01%. The price fluctuated in the 2078.19 to 2100.1 USDT range, with a swing of 1.04%. Short-term trading activity was active, market attention increased, and volatility intensified.
The main drivers behind this move were that, on a certain trading platform, the sell-side order book proportion rose to 63%, while buy orders weakened noticeably, directly triggering the downside move in price. At the same time within this time window, capital flows turned net outflow, and buy-side support was insufficient; the concentrated release of selling pressure became the core force driving ETH’s short-term plunge. On-chain transfer volume and trading volume showed no abnormalities. The NVT indicator was 59.76, indicating on-chain liquidity was neutral, and there was no coordinated abnormality.
In addition, on-chain whale trading distribution was normal, and there was no sign of large single trades that could shock the market. Long-term holder behavior remained relatively stable: Q1 selling pressure weakened, with no signs of concentrated dumping. No derivatives market leverage risks were triggered, and there were no liquidation surges. Macroeconomic events and ETF fund flows stayed steady, and did not create any resonance effect for this round of abnormal move. Multidimensional data suggests that short-term selling pressure and trading-screen resonance amplified this move, but there was no evidence of systemic external risk seeping in.
At present, the risk of short-term ETH volatility has increased. It is necessary to watch whether ongoing sell-side releases can withstand pressure on price support—especially around the 2070 USDT area—along with changes in on-chain capital flow direction and external macro news. Short-term participants should be alert to liquidity shocks caused by volatility amplification, and monitor more market developments in a timely manner.
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