Recently, Ethereum experienced a rather terrifying market shock.

At 00:40, the situation began to change. ETH hovered between $2948 and $2954, seeming relatively stable, but in reality, many investors had already quietly reduced their positions. Over the next 36 minutes, things escalated rapidly. First, the price plummeted from $2954 to $2842 (a 3.78% drop), then continued to slide downward from $2948, reaching a low of $2793 (a 5.24% decline in this segment). Key technical support levels were broken one after another, and the market's optimistic sentiment instantly turned into panic.

By 01:14, on-chain data showed a large amount of smart money closing long positions—2338 ETH long positions were closed, corresponding to a market value of about $66.8 million. This move further intensified selling pressure in the market.

At 01:23, ETH broke below the $2800 critical support line. Once this level was breached, many leveraged positions began to hit stop-loss points, triggering a chain reaction of automatic liquidations. Sell orders surged like a tide, rapidly consuming liquidity.

By 01:40, the market experienced a rebound, with ETH price returning to around $2842. But don’t expect this to be the bottom—volatility across the entire market remains extremely terrifying, and the liquidity crunch has not been alleviated at all. This is the true picture of a high-leverage environment: once chain liquidations are triggered, the market can shift from rationality to madness in just a few minutes.