Hello everyone, your eyes must be sore from watching the charts, right? First question, at this current price, is your ETH still okay?

I just glanced at Coinglass’s real-time data, and ETH is currently hovering in the frustrating range between $1,675 and $1,710. If you say it’s fallen, it’s gasping for air; if you say it’s stable, you’re completely unsure inside.

Don’t rush, let’s break down these points to see clearly.

Surface situation:
The market looks very bad — it just briefly broke below the key psychological level of $1,700. In the past 24 hours, nearly $480 million in liquidations occurred across the entire network, with longs totaling $402 million, and over $1.14B of ETH longs were liquidated, with the largest liquidation order directly hitting Binance’s ETHUSDT.

Actual situation:
Surface appears calm, but underneath there are hidden mines. According to Coinglass data, around $1,796, there is a backlog of **liquidations of short positions worth $475k**, and at $1,627, there are also $531 million in long positions waiting to be liquidated. It’s like two walls; whichever way the price moves, it could trigger a chain reaction.

Good news? Not entirely.
Today, a major macro positive landed — the peace agreement between the US and Iran was officially signed, geopolitical risks eased, and oil prices plummeted, easing inflation pressure. Also, in early June, large traders withdrew 475k ETH from exchanges into cold wallets, with these whales gradually accumulating.

Where’s the dilemma?
Messages aside, the market simply doesn’t buy it. ETH is currently below all short-term and long-term moving averages, and MACD confirms a downtrend. Even if the Ethereum Foundation comes out to make a statement, technical pressure still keeps the price firmly down. What’s more concerning is that SK Hynix’s stock price in Korea has surpassed ETH, and funds being diverted to traditional AI semiconductors is no joke.

Some risks you must face:
The most critical one — the “Glamsterdam” mainnet upgrade has been confirmed to be delayed until Q3. Currently, market liquidity is drained, and with the new Federal Reserve Chair not fully easing monetary policy, high-beta assets can only continue to suffer in the short term. The key level now is **$1,660, the last line of defense for bulls** — if it breaks, we might have to look for a bottom at $1,520.

My bottom line and specific approach (just sharing, no orders):

· Spot traders: Don’t rush to buy the dip at this level. **The bottom line is $1,520**. If it really dips to that level and recovers, it’s a high-value opportunity on the left side. On the right side, wait until the daily candle closes back above $1,780.
· Futures traders: Uncertainty is extremely high right now. The area around $1,796 is a nightmare for bears, **if the price surges quickly near here, it could be a false breakout and then fall back**; if it drops below $1,660 with high volume, don’t hesitate. Keep your position size below 30%** — surviving longer in this long-short trap is more important than making a profit.

Finally, I ask everyone: with this painful sideways decline, are you choosing to lie flat and pretend to be dead, or have you already placed orders and are waiting for the needle? Comment below and show me your hand. #我的Gate交易时刻 $ETH