ETH drops 0.87% in 15 minutes: Sell orders concentrated and leveraged liquidations jointly suppress the price

On April 17, 2026, from 18:00 to 18:15 (UTC), ETH experienced a significant price movement, with candlestick returns of -0.87%, a price range between 2417.95 and 2442.59 USDT, and an amplitude of 1.01%. Short-term volatility drew market attention, with active trading but a dominant downward trend.

The main driving force behind this movement stemmed from concentrated sell orders in the order book and liquidity fragmentation. Large sell orders within the 2340–2320 USD range created short-term resistance, while buy orders supported lower prices but were sparsely distributed, leading to a lack of immediate support during price declines. Additionally, sell pressure on multiple major exchanges increased to 54%, accelerating the downward trend. Coupled with $57.62 million in forced liquidations in the past 24 hours, the passive selling by leveraged funds became a significant factor pushing the market lower.

Furthermore, overall market sentiment for ETH was weak. Over the past 24 hours, buy order proportions continued to decline, with a clear net outflow of funds, intensifying investor fear, and the Fear-Greed Index dropping to extreme fear (23 points). ETF net inflows slowed, and macroeconomic risk factors further weakened short-term support. From a technical perspective, the 15-minute and 1-hour moving averages continued downward, RSI remained neutral, and Bollinger Bands expanded, increasing short-term volatility. After falling below 2340 USD, the price briefly lost additional support zones. Multiple factors resonated, amplifying the downward pressure.

Short-term risks remain: declining liquidity in certain areas, large liquidations of leveraged positions, which could trigger further chain reactions downward, and unresolved extreme fear and capital outflows. Key focus should be on the 2320 USD support level and changes in futures position structures. It is recommended to closely monitor the movements of major funds, the progress of market sentiment recovery, and macro news developments to gain more market insights.