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According to Coinglass's liquidation data analysis, Ethereum is currently at two key liquidity levels.
Looking ahead, if Ethereum drops below $2900, long positions on mainstream exchanges will face a cumulative liquidation impact of 7.84 billion. Conversely, once it breaks above $3100, the shorts will face a liquidation pressure of 9.23 billion.
It should be noted that the liquidation chart here does not show the exact number of contracts pending liquidation, but rather measures the relative liquidation intensity across different price ranges—i.e., the significance. Simply put: the taller the bar, the more intense the liquidity waves at that price level, and the more vigorous the market reaction. In other words, these two price points are both risk points that require attention.