The volume-weighted average price (VWAP) of 1,671.93 has formed a negative divergence with the current price of 1,592, marking the largest intraday price-volume divergence since May 2023. This extreme structure indicates:

1. 76% of the intraday trading volume is concentrated in the 1,630-1,720 range, with the current price in a liquidity vacuum

2. On-chain monitoring has detected a gathering of short futures positions valued at $240 million in the 1,580-1,610 range

3. The liquidity pool at 1,623.82 is nested with three technical resonance points—a Fibonacci 38.2% retracement level at the weekly level, the institutional accumulation cost zone from September 2023, and an options pain point with a Delta value of 1.8 on the 4-hour chart

A breakout above 1,623.82 will trigger a chain reaction:

① Liquidation of short positions in the 1,600-1,630 range valued at $170 million

② Triggering VWAP mean reversion, targeting 1,745 (the upper edge of the daily liquidity gap)

③ Activating a buy wall of 320,000 ETH amassed by whales in the 1,550-1,620 range

The current price has entered a Gamma-sensitive zone, and market makers must dynamically balance through the spot market to hedge the exposure of 28,000 put options in the 1,600-1,650 range. Combined with the TD Sequential forming a bottom structure on the 4-hour chart, it is recommended to regard 1,623.82 as the battleground line for bulls and bears—an effective breakout of this level will trigger at least an 8% short squeeze.