It's been a while since I discussed the market. Let's review a situation from March where a whale holding 64,800 ETH faced liquidation, with the liquidation price at $1788. Another whale holding 60,800 ETH had a liquidation price of $1701.

In mid-March, ETH continued to drop sharply, with some trapped large holders having cost prices around $3200-$3500. It is now certain that their additional capital has been exhausted, forcing them to sell at a loss or to hold on.

There is strong support for ETH near $1850-$1830, and if it breaks below this level, it may trigger more liquidations.

As expected, on April 7th the ETH price near $1500 was breached, triggering panic selling and accelerating the market decline to $1420, which may be the current temporary bottom. This is also a trigger point for a technical rebound.

At the same time, there have been over 100,000 ETH liquidations on-chain completed within the day. A whale was liquidated at as high as $106 million.

From a technical perspective, breaching $1500 without a quick rebound may lead to further declines to $1000-$1300. The next breakout point is around $1000.

However, it can be confirmed that the exchange of hands for ETH has basically been completed, and whales have picked up enough cheap chips. Most users and institutions have their chips around $2000.

The bullish sentiment has been nearly wiped out, and the leverage on bullish contracts has basically been liquidated, with the exchange of chips having been completed. The ancient whales' sell-off has been completed, and market sentiment has dropped to freezing point.

The choice of large holders to buy at the bottom indicates that ETH still possesses long-term value anchoring ability. If Layer 2 solutions exceed expectations, demand for ETH rises, and interest rates drop, attracting institutional funds could still be a significant opportunity. The cost-performance ratio at this position is still quite high.