How do you use the IFERROR function with multiple conditions?

You can use IFERROR with multiple conditions by nesting it within another IF function. For example, `IFERROR(IF(condition1, value1, IF(condition2, value2, value3)), default_value)` will check condition1. If it's true, it returns value1. If not, it checks condition2, and so on. If all conditions fail, it returns value3, or the default_value if provided.