### Current ETHUSDT market depth analysis (updated at 11:21)

#### **Extreme bearish dominance in the market**
1. **Price Crash**:
- Latest Price: **2,938.20 USDT** (Plummeted **74 USDT in 3 hours, down 3.24%**)
- 24-hour amplitude: **2,938.20 (new low) ↔ 3,084.00** (drop expanded to 4.7%)

2. **Key indicators worsen**:
- **Basis Widening**: -4.60 USDT (Basis Rate -0.15%), futures Depth discount
- **Liquidation Data**: Long position liquidation **728.94 ETH** vs Short position only 4.89 ETH → Bulls get slaughtered
- **Long-Short Position Ratio**: The proportion of large holders' short positions has risen to **1.09** (0.84 in the morning), institutions are increasing their short positions.

3. **Technical Breakout**:
- Price **completely detached from the lower Bollinger Band** (the early session support of 2,971 has been breached)
- The MACD histogram is expected to deteriorate to **-10 or below** (accelerating downtrend pattern)

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### **Emergency Operation Strategy**
#### ▶ Short Position Holders:
1. **Immediate Take Profit**:
- Early session short position at 3,020: **Current price 2,938 can close 80%** (Profit ≈ 82 USDT/ETH)
- Set the **trailing stop loss to 2,955** for the remaining position to take advantage of the space below.

#### ▶ New position direction:
| Strategy | Entry Point | Stop Loss | Target | Position |
|------------|--------------|-------------|-------------|------|
| **Short Selling** | Current Price 2,938 | 2,955 | 2,900 | ≤3% |
| **Oversold Rebound** | 2,900-2,910 | 2,890 | 2,950 | ≤2% |

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### **Key Position Alert**
- **Death Support**：
- **2,900** (psychological barrier, breaking opens up the 2,850 space)
- **2,890** (March 2024 low)
- **Short Selling Defense Line**：
- **2,955** (early session low, now strong resistance)
- **2,980** (Bollinger lower band old value)

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### **On-chain Data Verification**
- **Position volume surges**: 5.656 billion → **new value not provided** (but the liquidation volume of 728 ETH shows that the leveraged long positions have been wiped out)
- **Active Selling Pressure**: 215,700 (5 minutes) remains high → Programmatic sell-off continues

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### **Ultimate Advice**
> **Today only short, no long!**
1. **Current price 2,938 directly shorting**, stop loss 2,955 (exit when breaking the previous low resistance level)
2. Target Phases:
- **First Target 2,900** (Close 50%)
- **Second Target 2,880** (Remaining Position Take Profit)
3. Long positions are limited to **below 2,900 for light positions to catch a rebound**, quick in and out.

**⚠️ Blood and Tears Warning**:
- Long position liquidation of 728 ETH indicates that the market has entered a panic phase, do not go against the trend to buy the dip!
- The basis rate of -0.15% is the extreme value within the month, and the futures bears have complete control over the market.