$ETH ETH Short-term Pullback: Capital outflows and structural decline resonate, 15-minute return rate -0.64% from 2026-02-24 03:00 to 03:15 (UTC). ETH recorded a -0.64% K-line return during peak liquidity, showing a continuous slight decline. In the context of the recent overall bearish market, ETH price tested lower support levels during this period with no effective rebound, and increased volatility has attracted market attention. Although the short-term decline is not extreme, it reflects the overall pressure on mainstream cryptocurrencies. The main drivers of this anomaly are sustained large-scale capital outflows and structural technical downturns. Capital net outflows exceeding $2.5 billion in a week, mainly involving stablecoins, ETFs, and derivatives, have weakened buying capacity and suppressed the market with a bearish sentiment. Meanwhile, ETH’s daily and 4-hour structures show typical bear market patterns, with MACD and RSI indicators in the selling pressure zone. Multiple technical indicators indicate support levels have been broken, and the structural downward momentum is strong. Additionally, open interest in derivatives markets has decreased, DeFi lending protocols have seen a surge in liquidations, and leveraged funds are passively exiting, amplifying spot selling pressure. On-chain ecosystem activity remains subdued, with ETH’s mainnet net burns totaling $381 million this week and DeFi TVL dropping 13.5%, indicating continuous weakening of on-chain capital flows. Recent security incidents in the Ethereum ecosystem and changing macro policy expectations have jointly undermined market confidence, amplifying short-term movements through multiple factors. Currently, ETH is in a structurally weak position, and traders should be cautious of intensified short-term volatility and further breaches of key support levels. Future focus should be on on-chain capital flows, ETF subscriptions and redemptions, DeFi TVL, and technical signals such as MACD and RSI, as well as capital flow directions. Users should remain alert to potential liquidation risks from leverage, on-chain security incidents, and macro sentiment shifts that could trigger new selling pressure, and stay updated with real-time market and risk information.