Ethereum is currently caught between several key price levels. According to the latest on-chain data, if ETH hits the $3000 support level, the long positions accumulated on major exchanges will face a liquidation pressure of 902 million—what does this mean? It means that there will be a wave of relatively large stop-loss orders hitting the market.

Conversely, if Ethereum can break upward to $3200, those who are short will have a tough time. The liquidation strength of short positions will surge to 1.125 billion, a figure sufficient to trigger a noticeable reverse liquidity shock.

It should be noted that the liquidation chart does not show how many contracts will be liquidated at a specific price level, but rather measures the relative importance of liquidation—what we call "intensity." In other words, the higher the column, the more intense the market reaction when the price actually drops to or rises to that level. These towering liquidation columns often indicate that once the price reaches them, liquidity tides will drive larger price fluctuations. In the current situation, both bulls and bears are gearing up at these two levels.