ETH 15-minute short-term sharp decline of 0.47%: Spot selling pressure increases, dominating short-term correction

On May 5, 2026, from 23:15 to 23:30 (UTC), ETH recorded a -0.47% return within the 15-minute window, with a price range of 2357.55 to 2369.66 USDT and an amplitude of 0.51%, indicating a short-term slight pullback, and market attention has increased.

The main driver of this fluctuation was the short-term selling pressure in the spot market. Data shows that during this period, the sell-side trading volume of ETH/USDT increased to about 53%, while the buy-side accounted for about 47%, indicating a concentration of active sell orders, which directly contributed to the price decline.

Additionally, on-chain and derivatives data did not show extreme anomalies, ruling out large whale sell-offs or leverage liquidations as the primary cause. The 30-day net position change of addresses holding between 1,000 and 10,000 ETH showed no significant abnormality, large transfers on the chain were evenly distributed, and DEX activity remained within normal ranges. In the derivatives market, open interest in futures remained above $20 billion, with funding rates stable at +0.56%, and no signs of large-scale liquidations or panic hedging. From a technical perspective, on-chain trading activity was high, Gas fees were at historic lows, the Fusaka hard fork has been running smoothly, and there were no sudden macro policy changes or liquidity shocks. Overall, the market showed characteristics of spot-led, non-leverage-driven adjustments.

Regarding risk warnings, if subsequent buying support is insufficient, further declines may occur. Attention should be paid to changes in order book depth and trading volume. Additionally, during ongoing spot declines, the passive reduction of leverage positions in the derivatives market could trigger chain reactions. It is recommended to monitor liquidity support and the future trend of funding rates.