Ethereum experienced a steep correction over a short period, with prices falling materially as leveraged positions unwound and market liquidity tightened. Analysts point to cascading liquidations and macro uncertainty as immediate drivers, while some models suggest technical support could emerge near prior lows. DeFi platforms reported higher gas-price volatility and decreased throughput, prompting developers and validators to monitor network performance and fee dynamics. Traders say near-term direction hinges on macro data and whether institutional demand resumes.