ETH has just experienced a 'terrifying 24 hours': a one-day drop of 20%, with over $1 billion in long positions liquidated across the network; while retail investors lament 'the end of the bull market', three mysterious whale addresses crazily bought over 20,000 ETH for about $80 million! Even more explosive is that their holding cost is precisely pinned at the '4877 surge initiation zone', and there are even hidden ambitions for a push to 5200! Is this a setup by whales to harvest, or do they really want to defy fate?
1. On-chain dark battle: during the crash, who is 'bottom fishing for new highs'?
Data doesn't lie:
0x7fda... Whale (related to Hyperliquid): When it plunged to 3800, it made three consecutive purchases, accumulating 5000 ETH (cost 3850-3900), with current floating profits exceeding 15%;
Exchange liquidity pool: Coinbase's ETH reserves decreased by 120,000 in a single day (indicating institutional withdrawals), meaning 'selling pressure is exhausted';
Liquidation key: The peak of short liquidations occurred at 4200; if ETH recovers 4500, it will trigger a 'chain reaction squeeze', sending it directly to 4877!
Chilling thought: Are whales daring to bottom-fish against the trend because of the clear signal of 'ETH ETF approval'? Or do they have insider knowledge of the 'merger upgrade'?
2. Technical breakout: 4877 and 5200, will it block or break through?
Using 'violent aesthetics' to break down key levels:
First resistance: 4877 (previous high + Fibonacci 61.8% retracement level): there are over $3 billion in trapped positions here; if whales break through violently, it will ignite 'new high expectations';
Ultimate goal: 5200 (historical previous high 0.618 extension): once it stabilizes above 4877, the technical picture will form a 'cup and handle pattern', and institutional funds will flood in;
Deadly support: 3600 (200-day moving average + 0.382 support of this round of increase): if it falls below, all bottom-buying positions will become 'exit players', directly plunging into the abyss of 3000!
3. News bomb: ETH ETF, is it going to 'blow up the scene'?
Two hidden time nodes:
September ETF approval window: The U.S. SEC's review of the ETH spot ETF has entered a critical period; if approved, it will bring in an incremental capital of $5 billion (referencing BTC ETF);
November merger upgrade: ETH will welcome a 'strengthened deflationary mechanism', with the annual inflation rate potentially dropping to -1% (deflationary coin!), directly matching BTC's scarcity.
But the risks are more deadly: CME futures positions have reached an all-time high, and whales are using 'high leverage to bet on direction'—once the divergence between long and short positions intensifies, ETH may suffer another 'pin-style crash'!
Should we go all in now, or wait for the crash?
The script for ETH has long been written: whales are betting on a 'dual strike of news + technology', while retail investors fear a 'crash + liquidation' cycle.
Want to catch the surge from 4877 to 5200? Detailed breakdown of the wallets of the three major bottom-buying whales, teaching you to identify 'real bottom fishing' versus 'false bottom picking'!
Once likes exceed 500, directly disclose the critical indicators for ETH; if it falls below 3600, must escape; if it breaks above 4500, must chase; follow me, and I'll help you 'nibble on the whale's meat' amidst the volatility!
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