Market participants are watching Ethereum price levels as Coinglass data indicate potential liquidity shifts. If Ethereum clears $3,200, the total short liquidation strength on mainstream CEXs could reach about $825 million, while a break below $3,000 may trigger roughly $865 million in long liquidations, highlighting notable downside risk for leveraged traders.
COINOTAG notes that the liquidation chart does not disclose exact contract counts. Instead, the bars show the relative importance of each liquidation cluster, i.e., the strength of the liquidity cascade tied to those price levels. The visualization helps traders gauge potential unwind activity.
With near-term volatility on the horizon, disciplined risk management and prudent exposure controls are essential as price approaches key levels.