Macroeconomic risk aversion triggers a technical breakdown

Ethereum drops below $2,200. The US-Iran ceasefire negotiations confirm a breakdown, Vice President Vance's departure statement reignites geopolitical risks, combined with the ongoing cooling of Federal Reserve rate cut expectations, leading to capital fleeing. ETH slides from the high of $2,325, breaks below the 50-period moving average at $2,242, and breaches the $2,200 level, marking the largest bearish volume since April 8. Highly leveraged long positions are liquidated in a chain reaction, causing a stampede, with the three main on-chain holder groups approaching break-even points with unrealized profits, and medium-sized whales already in floating losses. RSI drops to 37.12, indicating a comprehensive weakening of the technical structure, with short-term focus on the key support levels at $2,175–$2,180.