The Ethereum market was hit hard today, with the price falling below a key psychological line of defense. According to HTX and Gate market data, the price of ETH has fallen below $2,700, with a 24-hour drop of more than 9.2%-10%. The plunge was not an isolated event, as Bitcoin also fell more than 5% at the same time, once falling below $85,000, driving the entire cryptocurrency market into a sell-off. The core points of market analysis, the main reason for the decline: the general decline is caused by the resonance of multiple factors. Analysts point out that cryptocurrencies, as high-risk assets, have become "leverage amplifiers" for traditional risky assets. Against the backdrop of rising global risk aversion and tightening liquidity, such as a reversal of the yen carry trade, the digital asset market amplified the overall selling pressure. Chain Reaction: Overleveraged long positions are cleaned on a large scale, forming a mechanical sell-off. According to the data, the liquidation amount of the entire network in the past 24 hours was as high as US$1.006 billion, affecting more than 220,000 investors. Short-term outlook: Market sentiment is extremely fragile after the price breaks below key support. In the short term, it is necessary to pay attention to whether the downward momentum is exhausted and whether it can form effective resistance at the current position.