"The cruelty of the crypto world never hides: some bet on the support level for tomorrow, some set traps at the resistance level, while most people become chips in between." — Tonight, the Ethereum range of $4200-4400 is becoming the most bloody "meat grinder" in the crypto market by 2025.

Data shock: A hellish arena built with 1.8 billion dollars

Latest liquidation data shows that at the support level of $4150 and around $4350, there is an accumulation of $1.87 billion in liquidation funds. What does this mean? It is equivalent to betting 40% of the current daily trading volume in the crypto market on these two critical points. More fatal is the deep data from mainstream exchanges showing that liquidity in this range has plummeted by 72% from yesterday, as if a thin layer of ice has been laid on the edge of a cliff — once the price breaks in either direction, the avalanche effect of consecutive liquidations will be triggered instantly, with daily fluctuations possibly nearing 25%: if 4200 falls, the bulls will be uprooted; if 4400 breaks, the bears will face mass liquidations.

Whale's dark battle: first bottoming out then going to the top to harvest

This morning's on-chain data shows abnormal movements: an anonymous whale quietly placed a limit buy order for 8000 ETH at $4250, meanwhile, the open interest for put options at $4300 on Bybit has surged 420% in a single day. This operation can be considered a textbook-level dual-kill strategy: first, using volatility to wear down the bulls' patience, breaking through the support level to trigger liquidations, then reversing to push up and break through the resistance level to harvest the bears, a scenario of eating from both sides is clearly visible.

A more critical signal comes from the regulatory level: the EU's MiCA legislation on crypto assets will officially take effect on August 20, and rumors are rampant that ETH will be explicitly classified as a "payment-type crypto asset." Regulatory classification + technical liquidation points resonance means that tonight's market is no longer simply a long-short game, but a dual battlefield of "policy tailwind" and "capital strangulation."

Retail survival manual: Either stay on the sidelines or strike precisely

Multiple exchanges have quietly reduced ETH leverage from 10x to 5x, and smart money is voting with their feet:

  • If it breaks below $4200: immediately close all long positions and open short positions, with the first target looking at the strong support at $4100, and in extreme cases, it may dip to $4000;

  • If it breaks above $4400: decisively chase the rise to enter the market, the $4200 resistance level is likely to be broken instantly, and $4500 will become a new starting point.

Three major thunderclaps will sound tonight

Federal Reserve's August meeting minutes: If dovish signals are released, ETH will become the first choice for capital to seek refuge, and liquidity spilling over from the U.S. stock market will flood in wildly;

Circle has issued an additional 800 million USDC: the stablecoin arsenal is fully stocked, and the whale's funds for pump preparation are ready;

OKX ETH perpetual funding rate reaches +0.45%: the crowding of bulls has reached a three-month high, and the risk of multiple kills hides peril.

Can your margin survive tonight's bloodbath?

"4200 is the entrance to hell, 4400 is the ticket to heaven, and most people are repeatedly harvested in the gray area in between." — Reduce leverage immediately, check stop-loss levels, and no one will sleep tonight!$ETH

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