Data from Coinglass shows that long positions in Ethereum face approximately $874 million in liquidations below the $2,206 level, while short positions risk about $403 million above the $2,412 level, creating two main ranges.

Coinglass data indicates that if Ethereum's price drops below $2,206, the liquidation of accumulated long positions across major centralized exchanges will reach around $874 million.
On the other hand, a clear breach of the $2,412 level will lead to a shift in pressure toward short positions, with nearly $403 million of accumulated short liquidations triggered on major centralized trading platforms at this level.
These ranges represent two main "liquidation walls" where concentrated leverage can turn a 5% - 6% move in spot ETH price into a much larger chain driven by derivatives in either direction.