On March 10, 2026, from 18:00 to 18:15 (UTC), ETH experienced a -1.07% return within the 15-minute candlestick, with price fluctuations between 2049.1 and 2073.15 USDT, an amplitude of 1.16%. During the same period, market trading volume significantly increased by over 32%, with frequent large on-chain fund flows, triggering short-term market sentiment swings and rapidly increasing attention, thereby intensifying volatility risks.
The main driver of this movement was large whale sell-offs. On-chain data shows four large transfers exceeding 5,000 ETH within this window, all directed to major exchanges, indicating rapid liquidation by institutions or top-tier funds. These massive transfers caused a sharp rise in exchange liquidity, amplifying downward pressure on prices.
Meanwhile, the total value locked (TVL) in major DeFi protocols linked to ETH also declined by about 0.9%, indicating some funds withdrew from liquidity pools, and short-term market risk appetite decreased. Additionally, ETH’s recent gains have been substantial, with technical indicators like MACD and RSI in overbought zones, prompting some profit-taking and amplifying the synchronized adjustment across leading global cryptocurrencies. On a macro level, expectations of Federal Reserve rate hikes and risk asset pressures further reinforced market correction sentiment.
In the short term, close attention should be paid to whale fund movements and outflows from major DeFi protocols, as large on-chain transfers and exchange inflows may continue to influence ETH’s short-term trend. If macro policy uncertainties increase, volatility risks will persist. Investors should focus on the 2040 USDT support level, on-chain fund movements, and market sentiment changes, remain cautious of chasing risks, and seek real-time market signals for potential follow-up adjustments.
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