ETH drops 0.69% in 15 minutes: On-chain activity sharply declines, and the resonance of leveraged liquidations amplifies selling pressure

On April 9, 2026, from 18:00 to 18:15 (UTC), ETH prices briefly dipped within the range of 2203.91 to 2223.58 USDT, with a 15-minute return of -0.69% and an amplitude reaching 0.88%. During this abnormal movement, market attention significantly increased, short-term volatility intensified, and risk-averse sentiment among funds rose.

The main driver of this sharp price decline was a substantial short-term decrease in the number of active on-chain addresses; on April 8, 2026, ETH’s daily active addresses were 768k, a 6.12% decrease compared to the previous day, reflecting weakened user trading willingness and declining buying support. Additionally, leveraged long positions approached liquidation levels; related data shows that if ETH falls below $2,097, forced liquidations for longs could reach $480 million, which has significantly amplified passive selling pressure and worsened the decline.

Meanwhile, whale addresses bought a total of 50k ETH (about $162 million) within 24 hours, but the market failed to stabilize after the purchase. Short-term profit-taking and follow-up selling triggered a divergence between bulls and bears, causing main force behavior disturbances. On the other hand, macro liquidity tightening and reduced demand for risk assets also affected ETH’s performance; for example, CME Bitcoin futures positions dropped to a 14-month low, putting overall market pressure and further amplifying the resonance of this volatility.

Currently, short-term volatility risk is high, and close attention should be paid to changes in leverage positions, on-chain activity, and whale fund movements. Key support levels for ETH and forced liquidation levels in derivatives will directly impact price elasticity, and macro fund flows are also important indicators to monitor. Users are advised to remain vigilant about the risks of amplified market fluctuations and to stay updated on new developments in on-chain and capital dynamics.