ETH drops sharply by 0.57% in 15 minutes: Bitcoin breaks the 70,000 support, triggering system-wide forced selling

From 19:15 to 19:30 (UTC) on June 2, 2026, ETH plunged 0.57% within 15 minutes, trading between 1903.62-1915.63 USDT, with an amplitude of 0.63%. Panic sentiment spread across the market, and volatility intensified significantly.

The main driver behind this abnormal move was the breakdown of Bitcoin’s key technical support level. On the day, Bitcoin fell below the $70,000 key support; during the session, its decline expanded to more than 3%, driving a rise in risk-off, system-wide aversion sentiment. As a bellwether in the crypto market, Bitcoin’s drop caused funds to quickly flow out of alternative crypto assets such as ETH, creating a liquidity squeeze effect.

Second, ETH’s price fell below the $2,000 psychological integer level, triggering the automatic execution of algorithmic sell orders and stop-loss orders, forming a self-fulfilling downward loop. Technically, the MACD showed a bearish crossover with negative histogram bars expanding, while the RSI stood at 67.51 in a neutral-to-weak region, indicating that downside momentum is accelerating. At the same time, the Fear & Greed Index was at 26, an extreme fear level, significantly amplifying market volatility. On-chain data shows that ETH whales control about 57% of the total supply, the highest level since 2015; high holdings concentration means large-holder behavior has a pronounced impact on price.

Current volatility risks remain. Key things to watch are whether Bitcoin can reclaim $70,000, whether ETH can return above $2,000, and whether the Fear & Greed Index can move away from extreme levels. If, on the technical side, the RSI drops below 30, the correction could further intensify.