From a technical perspective, ETH on the 15-minute, 4-hour, and daily charts all show a bearish alignment, indicating a trend of downward movement. The closing price has already broken below important moving averages (MA20), and the Bollinger Bands indicator shows increased momentum—short-term volatility is intensifying.

According to the daily RSI, ETH has entered oversold territory, and theoretically, the rebound potential may improve. However, combined with the volume decline characteristic, it suggests that panic selling is dominating. Market sentiment is polarized, with high discussion activity, but fear is gradually taking over.
On the news front, major research institutions have reduced their ETH holdings by over 620,000 coins, incurring losses of more than $700 million, and liquidation risks still exist. Meanwhile, new funds like BitMine continue to buy, but overall, liquidity remains tight, with some funds shifting to self-custody, indicating that institutions are also risk-averse.
In the consensus range, 1,800-2,000 USDT is an important recent support and psychological level. If broken, it could intensify downward pressure.