Ethereum recently experienced a sharp decline, dropping directly to $3,033, and on-chain whale Maji's massive long position suffered another heavy blow. This is the second liquidation within 24 hours.

The data is alarming. This position, worth $7.73 million, was opened at a cost basis of $3,190, now suffering a 94% unrealized loss, with nearly $290,000 wiped out. Even more heartbreaking is that the liquidation price was set at $3,025, leaving almost no buffer from the current price. The account balance now stands at only $270,000.

Last night, the $3,050 position was cut by $110,000. Later, an additional $12,000 was added in an attempt to recover, but today the market reversed again and dropped sharply. This combo punch really left no room to breathe. High leverage, average entry price, low margin — every parameter is flashing red.

Now, everyone online is watching this level. Once such a position gets liquidated, could it trigger a chain reaction? Will the market rebound afterwards? Can the $270,000 support hold tonight?

Honestly, events like this always make people rethink the importance of risk management. The market is never gentle, especially for high-leverage players.

Note: This article is only a record and observation of market events and does not constitute any investment advice. Market volatility is intense; invest cautiously.