ETH plunged 1.04% in 15 minutes: Macro risk aversion combined with high leverage vulnerability triggers short-term sell-off

From 15:30 to 15:45 UTC on June 24, 2026, ETH fell 1.04% in 15 minutes, with a price range of 1624.08-1644.66 USDT and an amplitude of 1.25%. Market fluctuations intensified within this window, with concentrated short-term selling pressure.

The main driver of this unusual movement is the continued fermentation of the macro risk-averse environment. The cryptocurrency market as a whole was in a risk-averse state in late June 2026. After the Bitcoin bear flag pattern was confirmed, it was rejected. USDJPY approached its highest level since 1986, raising concerns about Bank of Japan intervention. The strengthening U.S. dollar index put systemic pressure on risk assets. Meanwhile, U.S. stock S&P futures came under pressure, and market sentiment continued to cool.

Secondly, Ethereum's own extremely weak technicals amplified the selling pressure. ETH price is below all moving averages, the daily RSI around 41 is in a weak zone, MACD remains in a bearish area, and rebound volume continues to be low, indicating a lack of buyer accumulation. The high leverage vulnerability in the derivatives market acted as an amplifier for the decline. ETH open interest remains close to the all-time high of 14 million ETH. The combination of high leverage and weak spot demand means any pullback could trigger a chain reaction of long liquidations. On-chain data is also bearish, with whale transaction activity down approximately 86.6% compared to early June, exchange inflows increasing during the sell-off, and DeFi TVL persistently below cycle highs.

Current market volatility risk remains, and the technicals show no signs of stopping the decline. Going forward, focus should be on the support effectiveness near $1,620, changes in ETH open interest, on-chain whale capital flows, and the macro U.S. dollar trend. Short-term operations should strictly set stop-losses and be wary of secondary impacts from leveraged liquidations.