Ethereum's price has dropped to $1,900, leading to the liquidation of $224 million in long positions over the past 48 hours. The cryptocurrency has seen a 14% decline in the last 10 days, with several indicators pointing to a weakening market. On-chain data reveals Ethereum's total value locked (TVL) has decreased to $51 billion, the lowest since May 2025, while network fees over the past month totaled $13.7 million, well below the $33 million average at the end of 2025. Additionally, U.S.-listed Ethereum ETFs have faced net outflows of $405 million since February 11, reducing total assets under management to $12.4 billion. In the options market, the put/call volume premium has risen to 2.2 times, reflecting increased risk-off sentiment. Analysts suggest Ethereum will remain under pressure until derivative metrics show signs of stabilization.