Based on on-chain data tracking, Ethereum is currently in a critical price range. If ETH drops below the support level of $2,945, long positions on mainstream CEXs will face concentrated liquidations, with the total liquidation strength expected to reach approximately $705 million — a significant impact on market sentiment.

Conversely, if Ethereum breaks above the resistance level of $3,227, the situation for bears will reverse. At that point, the liquidation pressure on short positions on major exchanges will rise to $686 million. These two price points have become the recent "liquidation battleground."

For traders, understanding these liquidation density zones is crucial. When prices approach these critical points, market liquidity may be significantly stimulated, and volatility will increase accordingly. Whether aiming to follow the trend or avoid risks, one must be aware of these figures.