Ethereum's price has seen a sharp decline, crashing below $1,800, primarily due to a combination of factors. The Federal Reserve's upcoming FOMC meeting and the anticipation of interest rate hikes have created uncertainty in the market, negatively impacting cryptocurrencies. Additionally, the market sentiment is bearish, with significant selling pressure and reduced buying interest. Technical indicators also suggest a potential for further downside, adding to the overall negative outlook for Ethereum in the short term.