ETH rebounds to $2,013, and liquidations across the whole network total $726 million. This article analyzes the market’s split state through on-chain data, options trading, and institutional activity, and proposes a hard bottom line of $1,920–$1,930 along with specific spot operation strategies.

First, look at the most real-time market data—according to Coinglass, ETH has already returned to $2,013.

Are you like me, staring at this number, feeling both familiar and strange? Don’t worry, markets are always born out of despair. Today, let’s break this down and talk about it slowly.

💸 The surface shows a rebound, but in reality, it’s “passing through a tribulation.”

The price rebound you see now is actually an illusion.

In the past 24 hours, the entire network has been liquidated for $726 million, with ETH long positions liquidated for $144 million.

What does this mean? It means that when the price broke below $2,000, the market was flooded with blood, with “corpses” everywhere above. The current rebound is just a slight easing by the bears, giving you a breather.

🧠 On-chain is “divided,” some are fleeing, some are fighting

The current market is in an extremely divided state:

· Pessimists are hedging: Put options with strike prices at $1,800 and $1,900 suddenly saw trading volume increase to five times normal. This indicates big funds are still buying “insurance,” fearing black swan events.
· Optimists are “hoarding”: Data shows that the amount of ETH held by accumulation addresses hit a new high, with 30% of circulating supply locked in staking.
· Institutions are hesitating: On one side, ETF funds are continuously flowing out ($400 million left in May), on the other side, Nasdaq-listed company Bit Digital is increasing its positions against the trend.

Everyone is betting—whether it’s a “golden pit” or a “downtrend continuation.”

🌍 The macro wall has yet to be toppled

Don’t just look at the K-line; today’s biggest variable is external. There are $7.5 billion worth of options expiring today. This “end-of-days” market makes the bulls and bears’ battle extremely fierce.

Moreover, institutional funds (ETFs) are still fleeing, which is like a car running out of fuel—relying solely on pushing it manually, how far can it go?

🎯 Where is our bottom line?

I know you’re itching to act now, but remember this: don’t guess the bottom, only confirm it.

The strongest “bottom line” is between $1,920 and $1,930. This is the last line of defense for the bulls. If it’s broken again, it’s an abyss below.

📝 How exactly to operate? (Pure spot trading approach)

No fluff here, let’s go straight to the strategy:

1. “Testing the waters” players on the left (small positions):
· Entry: If the price retraces to the $1,960–$1,970 range and holds, try taking 2-3% of your position.
· Stop-loss: Strictly at $1,930. If it breaks below this, it means we’re wrong, and we must admit defeat and exit.
· Take-profit: When it reaches $2,030–$2,050, sell and walk away—don’t be greedy.
2. “Steady” players on the right (most recommended):
· Wait and see: Just observe for now.
· Signal to act: When the daily chart reclaims the $2,100 level, that’s when the trend might reverse, and we can chase in on the right side.

💬 One last question for you

Faced with ETH dropping below $2,000, are you unable to control your “buy the dip” hand, or are you “numb from the fall” and just want to unload the software?

Tell me your position and entry points in the comments, let’s huddle together and keep warm! 👇#成长值抽奖赢金条 $ETH

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