On March 4, 2026, from 20:45 to 21:00 (UTC), ETH experienced a 1.02% decline in return within 15 minutes, with the price fluctuating between 2149.69 and 2174.09 USDT, a volatility of 1.12%. Market attention increased during this period, volatility intensified, attracting a large amount of short-term capital, and investor sentiment became notably cautious.
The main driver of this movement was large on-chain holders transferring significant amounts of ETH to trading platforms and executing sales, leading to short-term selling pressure. Whale selling concentrated in a low-liquidity environment tends to amplify price fluctuations. Additionally, leverage in the ETH derivatives market has recently risen, and a decline in leveraged positions triggered collective liquidations, further increasing downward pressure. ETF net inflows were $6.6 million, weaker compared to Bitcoin during the same period, indicating limited buying support.
Furthermore, on-chain data shows significant fluctuations in active addresses and trading volume in early March, with active selling dominating the market. The US spot Ethereum ETF experienced limited net inflows, and options hedging was insufficient, leaving the downside unprotected. Institutional investors remain cautious. Meanwhile, stock market volatility and rising risk aversion triggered synchronized adjustments in the crypto market, creating cross-market liquidity pressure resonance and pushing ETH short-term under pressure. From a technical perspective, ETH prices remain below multiple daily moving averages, with RSI and ADX indicating a correction phase and weakening support levels.
Currently, ETH faces high volatility risk. In the short term, attention should be paid to support below $2,149 and on large on-chain transfers. Investors should be alert to extreme fluctuations caused by leveraged liquidations, monitor ETF capital flows, and macro market trends to manage risks effectively. For more real-time market data and information, it is recommended to continuously follow mainstream on-chain data and derivatives market performance.
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