ETH short-term decline of 0.87%: liquidity exhaustion and high leverage liquidations amplify selling pressure

On April 14, 2026, from 14:30 to 14:45 (UTC), ETH price fluctuated between 2366.89 and 2415.04 USDT, with a 15-minute return of -0.87% and an amplitude of 2.01%. Market attention significantly increased, with on-chain active addresses and transaction counts reaching high levels, and volatility clearly intensifying, indicating active short-term trading primarily driven by selling.

The main driver of this movement was a sharp decline in ETH market liquidity, with only about $14 million (5%) depth remaining, causing large sell orders to have a significant impact on the price. Meanwhile, the futures market leverage remained in a high-risk zone of 0.72–0.76, where slight declines quickly triggered liquidations, releasing short-term selling pressure and pushing prices downward. Additionally, structural changes in capital inflows—despite net inflows of +$376.77 million on some major exchanges—were mainly driven by active selling, not genuine buying support.

At the same time, frequent large transfers by whales moving ETH into exchanges, combined with a surge in active addresses, increased short-term selling pressure. ETF redemptions and continuous institutional de-risking also significantly weakened market absorption capacity. On-chain data showed rising exchange reserves, and while funding rates in derivatives markets turned positive from negative, they did not trigger a one-sided trend, indicating multiple factors resonated to amplify volatility. Furthermore, April is a seasonal low-liquidity period, compounded by technical indicators in a neutral to weak zone, further driving the decline.

ETH short-term volatility remains high, and it is recommended to closely monitor leverage ratios (0.72–0.76), market depth changes, large transfers, and ETF capital flow trends. Low liquidity, large sell orders impacting prices, and weakening institutional support may continue to influence prices, so users should be alert to short-term fluctuations. For more real-time market data, pay attention to on-chain capital flows and market depth dynamics.