On March 3, 2026, from 14:30 to 14:45 (UTC), ETH experienced a rapid decline, with a 15-minute return of -1.25%. The price fluctuated between 1934.86 and 1977.42 USDT, with an amplitude of 2.17%. Short-term volatility intensified, market attention significantly increased, and trading volume expanded noticeably compared to the previous period.
The main driver of this sudden movement was concentrated liquidation of leveraged positions. Some high-leverage longs were forced to close after breaking below key support levels, leading to a short-term release of selling pressure. On-chain data shows large amounts of funds transferred out from multiple addresses within a short period, with total outflows significantly higher than similar periods.
Additionally, market sentiment sharply cooled, with long-term confidence weakening. The number of active on-chain wallets contracted simultaneously. Coupled with volatility in the derivatives market, some trading platforms experienced momentary liquidity gaps in their order books, exacerbating short-term declines. Whale liquidation activities, combined with macroeconomic factors (such as the short-term rise of the US dollar index and increased volatility in global risk assets), amplified market fluctuations.
Currently, ETH’s short-term volatility risk has increased. Key areas to monitor include the support level around 1,930 USDT, on-chain fund flow indicators, and changes in leverage ratios of long positions. Short-term risks remain, and users are advised to stay alert to real-time market conditions and guard against further volatility shocks caused by sudden movements.
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