Geopolitical conflicts continue to disrupt market risk sentiment, with the overall market under pressure and weakening during the session. Ethereum effectively broke below the 1750 mid-term support zone. The one-hour bearish trend remains intact, and short-term bearish momentum shows no signs of exhaustion. A technical retracement occurred from the 1724 low, but it failed to regain the 1750 resistance level, indicating weak recovery momentum. Therefore, the short-term downtrend is likely to continue.