$ETH has faced a sharp decline, triggered by a "risk-off" sentiment in global markets and over $2.5 billion in crypto liquidations. Technically, ETH is trading well below its 7, 25, and 99-day Moving Averages (MAs), signaling a strong bearish trend. The order book shows heavy selling pressure at 74%, indicating that traders are offloading positions as $ETH struggles to find stable ground.

The immediate focus is now on the $2,250 support level. If this floor breaks, we could see a further slide toward the $1,900 zone. While a short-term relief bounce is possible due to oversold conditions, the trend remains bearish until $ETH can reclaim and hold the $2,475 resistance. For now, caution is advised as the market looks for a definitive bottom.