In the phase of negative liquidity feedback. Price declines - collateral shrinks - triggers - selling leads to further price drops. The downward breach of the $2000-$1700 institutional nationwide line - chain liquidations spike to $1300-$1384 - volume releases historic daily levels - quickly recovers above $1600. Currently, the weekly downward acceleration has not diverged, with MACD widening, indicating that momentum is still strengthening. The $2,000 level: this is just a psychological barrier, as thin as paper. Once broken, it will trigger a large number of stop-loss orders, accelerating the bottoming process. The strong support at $1,384: this position is the previous low you marked, and it coincides closely with the liquidation price of on-chain whales. Technical analysis and on-chain data both conclude at this point. Two whales entered $2295$ at the average price, collateralized $ETH , borrowed $USDT$, and then re-entered. Aave's Paris mechanism indicates that if $ETH $ falls below the $1,500-$1,600 range, these whales will enter the "red alert zone." If it drops below $1,400, they will be forcibly locked.