Current trading data places $ETH at a price of $2,246, marking a decline of -8.35%. The asset slid from the $2.45K area to reach a recent low point near $2,166. From a structural perspective, the market has turned distinctly bearish, a fact confirmed by the Moving Average alignment where the MA7 at 2,648 is below the MA25 at 2,982, and both are under the MA99 at 3,123. This configuration verifies that the trend has broken down. We also saw 24h volume climb to roughly $2.9B USDT during the selloff. This behavior points more toward classic deleveraging and a shift to risk-off strategies rather than capitulation in the spot market. Compounding the weakness are slower ETF inflow momentum and relative underperformance compared to BTC. Immediate attention should be on the support band between $2.15K–$2.10K; if this zone fails, the price could retreat toward $1.95K–$2.00K. To suggest any significant relief bounce is underway, the price must reclaim the $2.40K level.