ETH has really shattered people's confidence this time, and the overall sentiment has completely collapsed. From a technical perspective, ETH has violently broken below the EMA200.

The real decline is only just beginning; after the MACD death cross, it has been diverging downwards, and the trading volume has exploded, with key support zones being breached.

This means that the previous upward trend has completely ended, and the market has returned to a bearish structure.

The entire ETH ecosystem is about to collapse; don’t expect any decent rebounds. The most frightening thing is—there's basically no support below.

From 2200 downwards, it's all empty. If confidence completely collapses, even 1500 may not hold.