The Trap Lurking Below: Multi-Layer Settlement Structure of ETH

ETH faces ongoing market pressure, and what many fail to realize is that this decline will not be a sudden collapse. It will, in fact, be a series of chain reactions. A threat lurks at lower prices—specifically between $1,781 and $1,862—where liquidation mechanisms begin to activate progressively and inevitably. At this point, the situation ceases to be controllable by human influence and becomes entirely automatic, governed by the rules of code.

The Largest Whale in the Market: Trend Research and Its $1.33 Billion in Collateral

Trend Research, one of the largest accumulators of circulating ETH, holds 618,245.96 tokens distributed across six different wallets. The structure is sophisticated: approximately $1.33 billion in WETH serve as collateral to borrow about $939 million in stablecoins. This is not a simple bet but a complex architect of intertwined positions, each with its own breaking point.

Six Wallets, Multiple Liquidation Points: The Price Ladder

The largest concentration is at address 0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c, which holds 169,891 ETH as collateral, with $258 million borrowed. The liquidation threshold for this position is near $1,833.84.

Next is 0xfaf1358fe6a9fa29a169dfc272b14e709f54840f, holding 175,843 ETH—actually the largest individual amount—with $271 million in loans and a liquidation point approximately at $1,862.02. This is one of the system’s most critical thresholds.

The third major position, 0x85e05c10db73499fbdecab0dfbb794a446feeec8, supports 108,743 ETH as collateral, with $163 million borrowed and a liquidation point near $1,808.05.

Address 0x6e9e81efcc4cbff68ed04c4a90aea33cb22c8c89 presents a particularly delicate situation: 79,510 ETH backing $117 million in debt, with the lowest liquidation floor among all positions, around $1,781.09.

The remaining two positions are currently safer: 0x8fdc74bad4aa20904a362d4b69434a0cf4d97f43 (43,025 ETH, $66.25M borrowed, liquidation at $1,855.18) and 0xb8551abd2bb66498f6d257ae181d681fd2401e8a (41,034 ETH, $63.23M borrowed, liquidation at $1,856.57).

From $2,050 to the Danger Zone: When the Market Becomes Unmanageable

The crucial point is this: ETH doesn’t need to plummet vertically. It only needs to continue sliding slowly, awkwardly, into that critical range. In fact, this setup functions like a staircase, not a cliff. Each progressive drop activates a new level of liquidation.

Currently, ETH is trading around $2,050, with a 6.02% gain in the last 24 hours. This recovery provides a temporary breather. However, once the price enters the lurking zone below, between $1,781 and $1,862, the market will not care about reputation, size, or the history of the position holder. The protocol will automatically execute what has been programmed to do.

The Reality of the Automatic Market

The layered structure creates an illusion of stability—while the price stays above, everything seems controllable. But this illusion vanishes once prices reach the breaking points. There are no negotiations with algorithms, no pauses for reputation. It’s pure financial mathematics in action.

The real lesson here is that the greatest threats rarely come as abrupt spikes. They come as constant pressures that trigger mechanisms no one can reverse. Once this trap looms so close on the price horizon, the market’s fate is sealed. All that remains is time.