ETH drops 0.69% in 15 minutes: Bitcoin’s sudden plunge spreads, and deteriorating key technical support triggers a sell-off

On June 4, 2026, from 09:00 to 09:15 UTC, ETH fell by 0.69% within 15 minutes, with a price range of 1,758.48–1,774.2 USDT and a volatility of 0.89%. This abnormal move is part of the continuation phase of ETH’s three-day consecutive downtrend. Earlier on June 2, the single-day drop reached 7.32%, and on June 3 it fell another 2.52%, bringing the cumulative decline to over 12%, with the broader market clearly under pressure.

The main driver behind this abnormal move is the market contagion effect triggered by Bitcoin’s sharp 6.5% drop in the previous trading day. As a benchmark asset in the crypto market, Bitcoin’s sudden plunge directly drags down overall risk appetite. The correlation between ETH and Bitcoin is typically maintained above 0.7, making it difficult for ETH to stay insulated.

In addition, technical factors have created a resonance effect that amplifies selling pressure. ETH’s RSI has dropped to 11.48, nearing historical oversold extremes. Meanwhile, the price is approaching the $1,846 key technical support level, triggering algorithmic sell orders and stop-loss liquidation. Liquidity conditions are also tight: the stablecoin dominance has risen sharply by 7.2%, reflecting net outflows, while ETH ETF holdings have continued to see net outflows of $36.3M. The relative underperformance of ETH/BTC indicates that capital is shifting from ETH to Bitcoin. The combination of multiple factors has intensified the selling pressure.

At present, the risk of continued downside needs to be watched closely. If it breaks below the $1,846 support level, it may test the February 2026 low of $1,743. Going forward, closely monitor the effectiveness of this support level and the progress of the Gl amsterdam upgrade. It is recommended to trade cautiously, paying attention to on-chain fund flows and changes in the macro news backdrop.