Brothers, I analyzed the liquidation heatmap, and my 8 years of market experience have left me a bit confused. The current Ethereum market, to put it simply, is a leveraged gambling game. The price is oscillating around $3,230, seemingly calm, but in reality, the ground beneath is filled with liquidated positions.

The most terrifying level is $3,300. Do you know? There are $809 million in short positions stacked up here, densely packed, like a leveraged graveyard. Why is this the line of life and death? It's simple—once the price breaks through this level, these short positions will be forcibly liquidated by the system. Liquidating shorts means forced buying, and such a massive buy order concentration will trigger a wave of pump-like rally. At that point, these shorts won't even have a chance to cut losses; they'll just watch their accounts go to zero.

But what's even more heartbreaking is that this game is a two-way squeeze. The longs aren't doing well either. Below $3,150 is the death line for longs, with $1.053 billion in long positions lying there. Once the price breaks below, these longs will also be unable to escape.

Newcomers, pay attention. Don't just focus on the candlestick movements; the liquidation heatmap is the real tool to understand market sentiment. Those tall columns represent high-risk zones; the higher the position, the denser the leverage. Currently, both sides are betting against each other. Whoever can't keep up with the market rhythm will be eaten alive. Ethereum is now repeatedly testing this stalemate point. The next move depends on whether the bears collapse first or the bulls surrender first.