Early this morning, the cryptocurrency market continued its downward trend, with Ethereum falling below the key psychological level of $1900. According to Gate market data, ETH dipped as low as $1,873, a decline of over 5% in 24 hours. Bitcoin also declined simultaneously, briefly dropping below $65,000, triggering a deep market correction.

What is more concerning is the market sentiment indicator. The Cryptocurrency Fear and Greed Index dropped again to 5, and throughout February, it has remained in the "Extreme Fear" zone. Unlike the "event-driven panic" seen in March 2020 and June 2022, this panic resembles a "chronic illness"—there is no single crash event, but a persistent, deep-seated fear that is hard to shake off. A report from DWF Labs pointed out that over 80% of tokens fell below their issuance price within 90 days of launch, with declines typically between 50% and 70%.

Key Points
Price Performance: ETH fell below $1900, with a low of $1873, down over 5% in 24 hours.
Sentiment Indicator: Fear index dropped to 5, remaining in extreme fear throughout February.
Market Characteristics: Non-event-driven, showing persistent panic, with altcoins suffering widespread collapse. $ETH