Brothers, if ETH really drops below 2300, it will be a big deal! Let me explain in three parts:

1. Chain liquidations, blood flowing like rivers

Leveraged contracts collectively going to the rooftop: Right now, many people on exchanges are betting on ETH's rebound with 50x and 100x leverage, and the 2300 position is their "liquidation line." Once it falls below this, the system automatically liquidates, which is like a sell-off robot starting up, the more it falls, the more it sells, and the more it sells, the more it falls, directly leading to a death spiral.

Large stakers are also dragged down: There are too many people staking ETH now, and many large holders are borrowing money against their staked ETH.

If ETH crashes, they either need to add margin or watch their staked ETH being confiscated by the platform. In March, a giant whale staked 36,000 ETH, and as a result, the price plummeted, and they were directly harvested.

2. Retail investors running around, institutions fleeing

Small investors cutting losses competition: If 2300 is broken, it would be like piercing through the psychological defense line of retail investors. The number of small holders with less than 100 ETH has already decreased by 12% compared to last month; if it falls further, even more people will cut losses.

Just like in February's crash, many people bought in at 2600, and as a result, it dropped to 2300 and they directly accepted losses to exit.

Large institutions also can’t afford to play: Institutions like Grayscale have already fled with 370 million dollars this year, and although BlackRock's ETF is still buying, it's just a drop in the bucket.

What should ordinary people do?

Leverage players should quickly reduce their positions: Don’t bet on a rebound; the current market sentiment is like a powder keg, a single bad news could ignite it.

Regular investors can start to position: If it really drops below 1800, consider buying in batches, but don’t go all in at once.

Summary: ETH is now like walking on a tightrope, and 2300 is that tightrope. If it breaks, there will definitely be blood and chaos in the short term, but if it can hold, there will still be upgrades and benefits to look forward to.

Remember, don’t go head-to-head with the market; surviving is the only way to have a chance to turn things around.