ETH drops sharply by 0.56% in 15 minutes: Key resistance levels trigger technical sell pressure, and the order book shows a heavy sell-side advantage—leading to a sharp short-term plunge

Between 17:45 and 18:00 (UTC) on July 23, 2026, ETH saw a sharp drop of 0.56% within 15 minutes. Its price slid from around $1,890 to $1,875.35, with an intraday range of 0.79%. Over the past 24 hours, ETH fell from a $1,956 high to around $1,890, down about 2.45%. The current price has already touched the intraday low zone, with noticeably rising market attention and increased volatility.

The main driving force behind this move is technical sell pressure near a key resistance level. Order Book data shows the bid/ask depth ratio is only 0.17, with heavy ask-side dominance. Total ask volume is 1.87 units versus just 0.33 units for bids, and there is also a 0.86-unit sell wall at $1,890.01, accounting for 45.9% of the top 5 depth levels. Such extremely shallow order book liquidity indicates liquidity is very limited right now—just a small amount of sell orders can push the price downward, which is a typical low-liquidity technical pullback.

In addition, BTC dominance rose to 59%, causing capital to rotate from altcoins into BTC, putting pressure on the ETH/BTC rate. Arthur Hayes has been continuously buying 3,270 ETH over the past 8 days (average price: $1,917). His latest buy of 644 ETH was completed 8 hours ago, but the average buying price is still above the current market price. The resulting short-term floating loss hasn’t been able to reverse the short-term bearish momentum. On the technical side, the 15-minute MA has turned bearish, and the 1-hour ADX is only 12.5, showing no clear trend direction. However, the 4-hour MA still remains bullish, meaning the medium-term structure has not been fully broken.

Key support to watch now is $1,889–$1,890; if it breaks, price could dip further. Resistance to watch is $1,917 (Arthur Hayes’ average) and $1,956 (24h high). Whether the ETH/BTC rate can stabilize and whether BTC can break through the $66,000–$67,000 range will be key indicators. With order book liquidity extremely low, short-term volatility risk is high, so traders should be alert to chain reactions triggered by leveraged long liquidations.