ETH traded near $2,129 (≈12% off a recent local high) after breaking below a multi-month ascending channel and the 20‑day EMA. The MACD flipped negative, increasing the risk of a decline toward the $1,800 support zone. Rising U.S. 10‑year Treasury yields (~4.58%) and persistent net outflows from U.S. spot ETH ETFs have reduced buy-side liquidity. On‑chain and exchange‑flow data show weakening holder conviction and higher ETH inflows to exchanges. CoinGlass estimates over $1.7 billion of leveraged long positions could be liquidated if ETH falls below roughly $2,040–$2,000. A sustained recovery would need reclaiming $2,230–$2,280 or renewed institutional ETF demand or cooler macro prints.

Price fell ~12% after breaking a multi‑month ascending channel and the 20‑day EMA; MACD flipped negative; market liquidity weakened due to rising 10‑year yields (~4.58%) and net outflows from U.S. spot ETH ETFs; on‑chain/exchange flows show increased ETH inflows and weaker holder conviction; CoinGlass cites >$1.7B of leveraged longs vulnerable at ~$2,040–$2,000; $1,800 is identified as the next support and $2,230–$2,280 as recovery resistance.