Macroeconomic risk aversion triggers technical breakdown

Ethereum drops below $2200. The US-Iran ceasefire negotiations confirm a breakdown, Vice President Vance's departure signals geopolitical risk reignition, coupled with the continued cooling of Fed rate cut expectations, leading to capital flight. ETH slides from a high of $2325, breaks below the 50-period moving average at $2242 and breaches the $2200 level, marking the largest bearish volume since April 8. High leverage long positions are liquidated in succession, causing a stampede, with the three main on-chain holder groups approaching breakeven points with unrealized profits, and medium-sized whales already in floating losses. RSI falls to 37.12, indicating a comprehensive weakening of the technical structure, with short-term focus on the key support levels at $2175-$2180.