On-chain data has traced a highly watched whale holding a long position worth $237 million, which is currently under severe stress. This trader has already incurred an unrealized loss of over $40.3 million, with the most sensitive being a long position of 57,100 ETH—precisely at the liquidation line of $2,714.

How tense is the current situation? ETH price has been oscillating around $2,800, and any 3% drop could trigger liquidation of this billion-level position. When ETH briefly fell to $2,623 a couple of days ago, it was only $28 away from liquidation, causing market spectators to hold their breath. Fortunately, the price rebounded afterward, allowing this long position to temporarily avoid liquidation, but how many such risky scenarios can be repeated remains uncertain.

From on-chain data, every price fluctuation directly impacts the survival of this massive position. Will the market continue to give longs a chance to breathe, or will it ruthlessly trigger liquidation at some point? This has become a key focus for many traders. The future movement of ETH may hold the answer.