Keep your hands up! THey've droped wayyyy to low and it almost could seem like you're trying to frame up instead of release. And, yess I agree with ErikaLynn that your horse looks very unhappy
To me it looks like she is attempting an automatic release. If this is true than her hands are not to low. If you look, there is almost a straight line from bit to elbow which is the desired effect.
However, to the OP, I believe if you are going to continue to use the automatic release you need to move your hands forward more. You should feel like you are following you horses mouth (kind like you are pushing a wheelbarrow; down and out). But, personally I believe for how young you horse is and your apparent skill level you should stick to the crest release. Really focus on pushing you hand into the sides of your horses crest (about halfway up the neck) to help your upper body stay stable.
Your lower leg has slipped back significantly. Your stirrups look to be the correct length. (Good job
) Now you just need to work on strengthening your lower leg. Think about FLEXING you ankle, sinking your weight into your heels and keeping you inner calf on. Your thigh and inner calf should be on your horse. Use your thigh to lift your body, not your stirrup and knee as you are doing here.
Once you fix your lower leg, this will significantly help your base. Your lower back is rounded, and looks like you are about to fall back into the saddle since you buttocks are too close to the saddle. This may be why your horses ears are pinned and he looks tense. Horses backs are so sensitive and we really need to make sure we do not fall back too soon.
I really like that your eyes are up! This is really important as it conveys determination and confidence as well as helps you make sure you are keeping your horse straight and you'll be ready for the next fence.
I recommend going back to lower fences and really focusing on the basics. There is absolutely NOTHING wrong with this. Set up a small grid or a vertical and work on cantering up to it in your two-point. Really focus on your position and keeping your lower leg solid.
Also, during your flat work do a lot of work in your two point, as well as no stirrups. Make sure your lower leg doesn't swing at all gaits. Another good exercise is going from standing in your stirrups to two-point.
Hope this helps and good luck!