Ethereum has fallen into a tug-of-war between fear and greed near the key support level of $3000. A whale opened a massive long position worth $537 million at $3175. After recent price declines, it currently faces an unrealized loss of $20.5 million. Data shows that Ethereum experienced over $120 million in liquidations within 24 hours. Meanwhile, large holders are approaching a critical realized price level, a situation rarely seen in history but often triggering large-scale accumulation. Falling below this whale’s price could trigger liquidations, while holding on may indicate the start of a new round of accumulation.