Ethereum long positions are really standing on the edge of a cliff now.

Just look at the data to see how thrilling it is:

On the side of the long positions whales, the total position is 5.03 billion USD, and they are already facing an unrealized loss of 2.09 billion. What's even worse is that 98.7% of the positions (4.97 billion) have a liquidation price above 2000 USD, and 99.6% (5.01 billion) have a liquidation price above 1800 USD.

What does this mean? As long as ETH falls below $2000, these long positions are basically doomed.

Now looking at the short positions:
The total position is 5.21 billion USD, with a floating profit of 2.17 billion, feeling great. The key is that their liquidation prices are set incredibly high—only 335 million has a liquidation price below 3500, 1.08 billion below 4000, and the remaining 79.2% (4.13 billion) of the positions have liquidation prices all above 4000 USD, with many even set in the 4200-4500 range.

From the position structure, it is clear that the bears have no intention of holding back and continue to add to their positions.

The market is often like this; when both sides feel that "they cannot lose," the turning point is actually closer. Can the long positions hold the 2000 defense line? Will the short positions break through in one go?

The next 24 hours may reveal the truth.