Are you also staring at the screen right now, with a bit of sweat in your palms?

Don’t panic. Let’s first take a look at CoinGlass’s real-time data—Ethereum has just gone through its most brutal “purge” since April 2025, falling straight below the psychological level of $1,600.

The current market picture is very straightforward:

· Blood in the streets—over the past 24 hours, total liquidations across the entire network reached $1.76 billion. Of that, ETH longs were liquidated for $409 million, while shorts were only $64.74 million. What does this data mean?—The market is forcing the last longs to the brink.
· Leverage liquidation—Ethereum’s total network contract open interest dropped by 11.92% in a single day. Even on-chain whales have been knocked off their horses—someone even liquidated 15,000 ETH.

It looks like the end of the world, but what’s the real situation?

Hidden undercurrents are surging.

1. Not all institutions have run away—they’re “rebalancing.”
Bitcoin ETFs ran $1.41 billion in 7 days—brutal, right? But Ethereum’s ETF saw a net inflow of $16.04 million yesterday instead. Big money is doing a “seesaw” between BTC and ETH—which tells you that, in institutions’ eyes, ETH is now more “resilient” than the big coin.
2. The real “believers’ bid” is still being staked.
Even though the price has collapsed, on-chain data shows there are as many as 3.1 million ETH waiting to be staked. Everyone would rather lock their position than sell—doesn’t that sound like a kind of stubbornness you only see at the bottom?

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So what’s the dilemma now: is this the bottom, or “the eighteenth layer of hell”?

First, let’s talk about risk—this is deadly.

The technicals are completely broken. The key level at $1,825, which held for most of the year, has been broken. Where is the next clearly marked support?

Around $1,400.

This isn’t only a psychological round-number level—it’s also the average cost line for many “big shots” in this bull market. If it can’t hold here, what’s below is an endless abyss.

But a glimmer of hope is showing up right here too.

Don’t look at how viciously it’s falling—on the daily chart, the RSI has already been pushed down to 18. What does that mean? It’s the 4th time in 7 years that it has entered this kind of extreme “oversold” zone. The prior three times were: the COVID crash, the FTX collapse, and the 519 event.

Every time you enter during moments like this, you’re stepping in with blood-stained chips.

Where is the bottom line?

$1,400–$1,450.
This is the final line of defense. Standard Chartered Bank has also marked this as the “bottoming zone.” Once it reaches this level, don’t keep blindly cutting losses—this is the “batting zone” for the brave.

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Today’s specific trading strategy (survival guide)

It’s June 6 now, and volatility is still expanding.

Spot (long-term holders):

· Trigger points: around $1,450–$1,500—this is where you can start buying in batches for the first tranche.
· Stop-loss discipline: if the closing price’s body drops below $1,380, you must stop out. That means the logic has changed.
· Position sizing: at most, allocate 30% here. Don’t go all-in—cash is the reason you can sleep tonight.

Perpetuals (short-term hunters):
Current price is $1,678, with extremely high volatility. It’s recommended to trade only on the right side at the 15-minute timeframe.

· Long idea (betting on a rebound):
· Entry: once price stabilizes above $1,650, try a small long.
· Take profit: look at $1,720–$1,750.
· Stop loss: $1,620.
· Short idea (trend-following short):
· Entry: if a pullback to $1,700–$1,720 can’t go higher, short it.
· Take profit: look at $1,600; if it breaks, look at $1,550.
· Stop loss: $1,750.

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Right now, the market is basically slaughtering the panic-selling crowd.

I know if I tell you to buy right now, you’ll think I’m a “fool.” But every time you look back, those moments of “daily RSI extremely oversold + whale liquidations + everyone crying”—when you look back, they end up being golden pits.

One last question for everyone:
When ETH really dips with a needle down to $1,450, will you choose to turn off the lights and eat noodles—cut your losses and exit? Or will you clench your teeth and buy a round for the “future”?

Leave your thoughts in the comments—huddle together and get through this coldest night. #分享美股交易赢英伟达股票 $ETH