diff --git a/documentation/docs/98-reference/.generated/client-warnings.md b/documentation/docs/98-reference/.generated/client-warnings.md
index ba5f957f8d..82add74353 100644
--- a/documentation/docs/98-reference/.generated/client-warnings.md
+++ b/documentation/docs/98-reference/.generated/client-warnings.md
@@ -45,7 +45,7 @@ TODO
 ### await_waterfall
 
 ```
-Detected an unnecessary async waterfall
+An async value (%location%) was not read immediately after it resolved. This often indicates an unnecessary waterfall, which can slow down your app.
 ```
 
 TODO
diff --git a/packages/svelte/messages/client-warnings/warnings.md b/packages/svelte/messages/client-warnings/warnings.md
index eba1454bf7..4108cd2fcb 100644
--- a/packages/svelte/messages/client-warnings/warnings.md
+++ b/packages/svelte/messages/client-warnings/warnings.md
@@ -38,7 +38,7 @@ TODO
 
 ## await_waterfall
 
-> Detected an unnecessary async waterfall
+> An async value (%location%) was not read immediately after it resolved. This often indicates an unnecessary waterfall, which can slow down your app.
 
 TODO
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
index bba554c12a..f047fddbdf 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/VariableDeclaration.js
@@ -1,7 +1,7 @@
 /** @import { CallExpression, Expression, Identifier, Literal, VariableDeclaration, VariableDeclarator } from 'estree' */
 /** @import { Binding } from '#compiler' */
 /** @import { ComponentClientTransformState, ComponentContext } from '../types' */
-import { dev } from '../../../../state.js';
+import { dev, is_ignored, locate_node } from '../../../../state.js';
 import { extract_paths } from '../../../../utils/ast.js';
 import * as b from '../../../../utils/builders.js';
 import * as assert from '../../../../utils/assert.js';
@@ -19,7 +19,7 @@ export function VariableDeclaration(node, context) {
 
 	if (context.state.analysis.runes) {
 		for (const declarator of node.declarations) {
-			const init = declarator.init;
+			const init = /** @type {Expression} */ (declarator.init);
 			const rune = get_rune(init, context.state.scope);
 
 			if (
@@ -164,6 +164,8 @@ export function VariableDeclaration(node, context) {
 
 				if (declarator.id.type === 'Identifier') {
 					if (is_async) {
+						const location = dev && is_ignored(init, 'await_waterfall') && locate_node(init);
+
 						declarations.push(
 							b.declarator(
 								declarator.id,
@@ -173,7 +175,8 @@ export function VariableDeclaration(node, context) {
 											'$.save',
 											b.call(
 												'$.async_derived',
-												rune === '$derived.by' ? value : b.thunk(value, true)
+												b.thunk(value, true),
+												location ? b.literal(location) : undefined
 											)
 										)
 									)
diff --git a/packages/svelte/src/constants.js b/packages/svelte/src/constants.js
index 03fddc5ebd..d49d70536b 100644
--- a/packages/svelte/src/constants.js
+++ b/packages/svelte/src/constants.js
@@ -39,6 +39,7 @@ export const NAMESPACE_MATHML = 'http://www.w3.org/1998/Math/MathML';
 // we use a list of ignorable runtime warnings because not every runtime warning
 // can be ignored and we want to keep the validation for svelte-ignore in place
 export const IGNORABLE_RUNTIME_WARNINGS = /** @type {const} */ ([
+	'await_waterfall',
 	'state_snapshot_uncloneable',
 	'binding_property_non_reactive',
 	'hydration_attribute_changed',
diff --git a/packages/svelte/src/internal/client/dom/blocks/async.js b/packages/svelte/src/internal/client/dom/blocks/async.js
index c3073d8611..19527283a1 100644
--- a/packages/svelte/src/internal/client/dom/blocks/async.js
+++ b/packages/svelte/src/internal/client/dom/blocks/async.js
@@ -14,7 +14,7 @@ export function async(node, expressions, fn) {
 	var restore = capture();
 	var unsuspend = suspend();
 
-	Promise.all(expressions.map(async_derived)).then((result) => {
+	Promise.all(expressions.map((fn) => async_derived(fn))).then((result) => {
 		restore();
 		fn(node, ...result);
 		unsuspend();
diff --git a/packages/svelte/src/internal/client/dom/blocks/boundary.js b/packages/svelte/src/internal/client/dom/blocks/boundary.js
index eaffd07ce3..5c768be99b 100644
--- a/packages/svelte/src/internal/client/dom/blocks/boundary.js
+++ b/packages/svelte/src/internal/client/dom/blocks/boundary.js
@@ -136,6 +136,12 @@ export function boundary(node, props, children) {
 		}
 
 		function reset() {
+			async_count = 0;
+
+			if ((boundary.f & BOUNDARY_SUSPENDED) !== 0) {
+				boundary.f ^= BOUNDARY_SUSPENDED;
+			}
+
 			if (failed_effect !== null) {
 				pause_effect(failed_effect, () => {
 					failed_effect = null;
@@ -151,6 +157,11 @@ export function boundary(node, props, children) {
 					reset_is_throwing_error();
 				}
 			});
+
+			if (async_count > 0) {
+				boundary.f |= BOUNDARY_SUSPENDED;
+				show_pending_snippet(true);
+			}
 		}
 
 		function unsuspend() {
@@ -367,12 +378,7 @@ export function boundary(node, props, children) {
 				});
 			});
 		} else {
-			main_effect = branch(() => children(anchor));
-
-			if (async_count > 0) {
-				boundary.f |= BOUNDARY_SUSPENDED;
-				show_pending_snippet(true);
-			}
+			reset();
 		}
 
 		reset_is_throwing_error();
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index 57ef5b6c14..719ed8d750 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -86,11 +86,11 @@ export function derived(fn) {
 /**
  * @template V
  * @param {() => Promise<V>} fn
- * @param {boolean} detect_waterfall Whether to print a warning if the value is not read immediately after update
+ * @param {string} [location] If provided, print a warning if the value is not read immediately after update
  * @returns {Promise<Source<V>>}
  */
 /*#__NO_SIDE_EFFECTS__*/
-export function async_derived(fn, detect_waterfall = true) {
+export function async_derived(fn, location) {
 	let parent = /** @type {Effect | null} */ (active_effect);
 
 	if (parent === null) {
@@ -127,12 +127,12 @@ export function async_derived(fn, detect_waterfall = true) {
 
 					internal_set(signal, v);
 
-					if (DEV && detect_waterfall) {
+					if (DEV && location !== undefined) {
 						recent_async_deriveds.add(signal);
 
 						setTimeout(() => {
 							if (recent_async_deriveds.has(signal)) {
-								w.await_waterfall();
+								w.await_waterfall(location);
 								recent_async_deriveds.delete(signal);
 							}
 						});
@@ -145,7 +145,9 @@ export function async_derived(fn, detect_waterfall = true) {
 				}
 			},
 			(e) => {
-				handle_error(e, parent, null, parent.ctx);
+				if (promise === current) {
+					handle_error(e, parent, null, parent.ctx);
+				}
 			}
 		);
 	}, EFFECT_PRESERVED);
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 2ab2908c77..0691b86180 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -352,7 +352,7 @@ export function template_effect(fn, sync = [], async = [], d = derived) {
 		var restore = capture();
 		var unsuspend = suspend();
 
-		Promise.all(async.map((expression) => async_derived(expression, false))).then((result) => {
+		Promise.all(async.map((expression) => async_derived(expression))).then((result) => {
 			restore();
 
 			if ((effect.f & DESTROYED) !== 0) {
diff --git a/packages/svelte/src/internal/client/warnings.js b/packages/svelte/src/internal/client/warnings.js
index 79fbebee4c..15196d3654 100644
--- a/packages/svelte/src/internal/client/warnings.js
+++ b/packages/svelte/src/internal/client/warnings.js
@@ -30,11 +30,12 @@ export function await_reactivity_loss() {
 }
 
 /**
- * Detected an unnecessary async waterfall
+ * An async value (%location%) was not read immediately after it resolved. This often indicates an unnecessary waterfall, which can slow down your app.
+ * @param {string} location
  */
-export function await_waterfall() {
+export function await_waterfall(location) {
 	if (DEV) {
-		console.warn(`%c[svelte] await_waterfall\n%cDetected an unnecessary async waterfall\nhttps://svelte.dev/e/await_waterfall`, bold, normal);
+		console.warn(`%c[svelte] await_waterfall\n%cAn async value (${location}) was not read immediately after it resolved. This often indicates an unnecessary waterfall, which can slow down your app.\nhttps://svelte.dev/e/await_waterfall`, bold, normal);
 	} else {
 		console.warn(`https://svelte.dev/e/await_waterfall`);
 	}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-error/_config.js b/packages/svelte/tests/runtime-runes/samples/async-error/_config.js
new file mode 100644
index 0000000000..9c7e296287
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-error/_config.js
@@ -0,0 +1,37 @@
+import { flushSync, tick } from 'svelte';
+import { deferred } from '../../../../src/internal/shared/utils.js';
+import { test } from '../../test';
+
+/** @type {ReturnType<typeof deferred>} */
+let d;
+
+export default test({
+	html: `<p>pending</p>`,
+
+	get props() {
+		d = deferred();
+
+		return {
+			promise: d.promise
+		};
+	},
+
+	async test({ assert, target, component }) {
+		d.reject(new Error('oops!'));
+		await Promise.resolve();
+		await Promise.resolve();
+		flushSync();
+		assert.htmlEqual(target.innerHTML, '<p>oops!</p><button>reset</button>');
+
+		const button = target.querySelector('button');
+
+		component.promise = (d = deferred()).promise;
+		flushSync(() => button?.click());
+		assert.htmlEqual(target.innerHTML, '<p>pending</p>');
+
+		d.resolve('wheee');
+		await Promise.resolve();
+		await tick();
+		assert.htmlEqual(target.innerHTML, '<h1>wheee</h1>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-error/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-error/main.svelte
new file mode 100644
index 0000000000..dd42fa7596
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-error/main.svelte
@@ -0,0 +1,16 @@
+<script>
+	let { promise } = $props();
+</script>
+
+<svelte:boundary>
+	<h1>{await promise}</h1>
+
+	{#snippet pending()}
+		<p>pending</p>
+	{/snippet}
+
+	{#snippet failed(error, reset)}
+		<p>{error.message}</p>
+		<button onclick={reset}>reset</button>
+	{/snippet}
+</svelte:boundary>