ETH 15-minute rapid drop of 0.95%: Robinhood Chain bullish narrative and short liquidations resonate together, but sell pressure on the order book is significant

On July 13, 2026, 03:00-03:15 (UTC), ETH experienced a sharp short-term plunge of 0.95% within 15 minutes. The price range was 1785.0-1806.92 USDT, with an amplitude of 1.21%. Although there was a short-term pullback, the 24h period still remained in an uptrend, at 2.55%, and the current price is near $1,832, which is currently testing the sell-wall area.

The main driving force behind this market move is that Robinhood Chain’s adoption of ETH as its native Gas token continues to ferment as a fundamental positive, combined with a certain major exchange liquidating short positions of $213.5K at $1,824, where short stop-loss triggers provided additional upside momentum. Fundstrat managing partner Tom Lee publicly emphasized that Robinhood Chain’s selection further solidifies ETH’s position as “on-chain money,” strengthening market confidence in the long-term demand logic for ETH.

In addition, events such as Polymarket introducing a TWAP mechanism to address price manipulation issues, and TeraWulf announcing a $3.5 billion AI financing plan, though not directly related to ETH, reflect the overall capital heat in the crypto market. However, order book depth is severely imbalanced: the buy-sell depth ratio is only 0.32 (<0.67). At $1,831.66, there is a large sell-wall order of 4.18 ETH, accounting for 43.2% of the total volume in the top 5 levels, indicating sellers have a clear advantage. Meanwhile, the number of active addresses on-chain fell to about 420k, down about 46% from the recent peak, and on-chain participation has clearly weakened.

What needs to be watched now is the resistance zone from $1,840 (the current sell-wall testing area) to $1,900. Downside support is expected to look toward the $1,800 structural support, $1,718 (20-day EMA), and the $1,600 psychological level. The 200-day moving average is at $2,231, and the price is far below it, so the long-term trend still leans bearish. Short-term volatility risk is significant: if the price pulls back on thinning volume to below $1,800, be alert for a retest of the $1,718 support.