$ETH High Leverage and Forced Liquidation: Record leverage levels and over $310 million in long forced liquidations, including $115 million in ETH, indicate market vulnerability and the potential for further volatility.

Bearish momentum on the technical front: The 7-period EMA is below the 25-period EMA, and the MACD histogram recently turned negative, indicating a short-term downtrend and price pressure.

Spot market activity decreased: Spot trading volume dropped by 28%, and stablecoin inflows decreased by 50%, indicating weakened buying interest, which may hinder ETH's rebound.