On February 2nd, news reports that the price of Ethereum (ETH) fell below $2,195 on Monday evening, with a single-day drop of over 10%, marking the largest single-day pullback since October 2025. This decline directly triggered a large-scale liquidation, and market sentiment quickly shifted to caution. Data shows that ETH's current market capitalization is approximately $268.8 billion, accounting for about 10.5% of the entire cryptocurrency market, significantly down from its historical peak of $583.9 billion. Trading activity has also increased, with Ethereum's trading volume in the past 24 hours approaching $42.7 billion, nearly 30% of the total market trading volume. The price has fluctuated sharply between $2,195 and $2,322, with the market cap decreasing by over 22% in the past week. Compared to the all-time high of $4,956 set in August 2025, ETH is currently in a retracement zone of over 55%.