On March 5, 2026, from 15:00 to 15:15 (UTC), ETH experienced a sharp short-term decline, with a 15-minute return of -1.42%. The price ranged from $2,083.78 to $2,121.84 USDT, with a volatility of 1.80%. Market sentiment was notably volatile during this period, with attention rapidly increasing, contrasting sharply with the general upward trend of mainstream cryptocurrencies.
The main driver of this movement was leveraged long liquidations in the derivatives market. Price corrections triggered forced long liquidations totaling between $600 million and $900 million, with automatic sell-offs intensifying short-term selling pressure and causing the price to drop quickly. Additionally, the proportion of active sell orders increased significantly, leading to an imbalance in market order structure, with panic-driven selling dominating. Technically, after failing to break above $2,100, short-term indicators showed overbought signals, prompting some short-term traders to take profits and exit, further accelerating the correction.
Meanwhile, large on-chain transfers occurred frequently within a short period, with whale accounts transferring ETH to major exchanges, suspected of cashing out or arbitrage. High-frequency and arbitrage bots accelerated trading volume, and the inflow of ETF funds was insufficient to absorb local selling pressure, amplifying volatility through multiple factors. On-chain trading volume remained high, approaching 2.9 million transactions daily, indicating a highly active ecosystem.
Short-term volatility risk is significant, and leveraged positions are highly susceptible to triggering chain reactions of liquidations. Going forward, attention should be paid to key support levels for ETH, large on-chain fund flows, the proportion of active sell orders, and macro news developments. Investors should be cautious of short-term risks from high-frequency and quantitative trading activities, avoiding chasing rallies or panic selling. Monitoring real-time market data and on-chain information will help better grasp price movements.
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