The 30 Ethereum orders set the day before yesterday were triggered at over 2890. Currently, take-profit orders are placed at four price levels: 2970, 2980, 2990, and 3000, with a forced liquidation threshold controlled below 2776 to ensure sufficient risk buffer.

Why is the 2776 level particularly important? The key lies in the distribution of institutional holdings. Large institutions like Trend Research hold 580,000 ETH, plus an additional 220,000 ETH recently accumulated by whales. Their cost basis is mostly concentrated between 2800 and 2950. Falling below 2776 means breaking through the short-term cost lines of the majority of institutions—this will directly trigger a large influx of spot buying.

Before truly dropping to 2776, there are two strong defensive lines to break through. The levels at 2850 and 2800 serve as both technical and psychological supports. Only after consecutively breaking through multiple defenses can the price reach 2776, a process that will itself consume a lot of the shorts' strength.

Additionally, look at the signals from the options market—put options(Put) currently account for about 30%, indicating that the bearish forces are not overwhelmingly dominant. If the market makers excessively dump, they might get caught in the very puts they sold, facing huge losses.

By the time I write this, the take-profit orders at 2970 and 2980 have already been filled, and the forced liquidation price is relatively safe. The subsequent strategy is to gradually buy back longs within the 2800 to 2850 range.