Crazy! Ethereum's wild fluctuations have triggered a "life-and-death speed" phenomenon, with nearly $1 billion in long positions at risk of being "liquidated".

The cryptocurrency market is ever-changing, and the price trend of Ethereum is currently in the spotlight. Clearing map data shows that if the price of Ethereum drops nearly 4%, falling to $1,731, as much as $973 million in long positions will be ruthlessly liquidated, facing clearance. These positions are likely generated by FOMO (fear of missing out) long positions during a market frenzy, especially since Ethereum's price has surged 15% in less than two days this week.

Let's take a look at the recent performance of Ethereum's price. From the four-hour chart, it is evident that after experiencing a significant increase of 15%, Ethereum's price has reached the supply area, with the price range climbing from $1,780 to $1,820.

As of today, the ETH price is $1,802, while the relative strength index (RSI) has shown a lower low after reaching the overbought area. This is not a small signal; in past trends, this usually indicates a weakening bullish momentum. Looking back over the past month, whenever the RSI in the overbought region declines, it often triggers a price correction for Ethereum. If history repeats itself, Ethereum (ETH) is likely to experience a corrective trend.

However, the weekend's ETH price is hard to predict, and fluctuations tend to be larger, which can easily lead to liquidity chasing. If the Ethereum price drops to $1,731 or lower, the resulting losses could be significant. But the market is always full of variables, and before liquidating late long positions, there might first be a surge that clears out those anxious short positions.

At this critical weekend time point, there are two key levels worth our attention: $1,840 and $1,890, with the possibility that Ethereum’s price could even rise to $1,900. In the short term, if Ethereum can break through this area, attracting long positions and clearing out short positions, it could very well be the best signal for a price drop for ETH.

Looking from the downside, Ethereum must hold the critical position of $1,669, or at least maintain $1,600, to sustain the bullish trend formed recently. If this cannot be achieved, ETH long positions could be in big trouble.