According to the latest data from the on-chain data analysis platform, recent price fluctuations of Ethereum are associated with significant liquidation risks.

A critical point has arrived—if ETH falls below the $3198 support level, the liquidation strength of long positions on mainstream exchanges will instantly surge to $1.47 billion. What does this mean? Long traders are about to be collectively liquidated.

Conversely, there is an upward opportunity. Once ETH breaks through the key resistance level of $3528, short position holders should be cautious—at this point, the accumulated short liquidation strength will reach $1.345 billion, and those shorting will face massive liquidation pressure.

Simply put, whether breaking above or below, the market is brewing a liquidity hunt. This price range can be considered a decisive battleground for both bulls and bears.