According to the latest data from Coinglass, Ethereum's price fluctuations are brewing two extreme scenarios.

From the downside risk perspective, once Ethereum falls below the key support level of $2850, a wave of long liquidation on mainstream exchanges will surge, with a total liquidation strength of up to . This means that if the price reaches this level, the chain reaction of liquidations will intensify downward pressure.

The upside scenario should not be underestimated either. If Ethereum breaks through $3050, the doom for short positions will arrive — the liquidation strength of shorts on mainstream CEXs will reach @E5@, which will become a powerful reverse driving force.

Why are these liquidation data so critical? Simply put, the liquidation chart does not show the exact number of contracts pending liquidation, but rather the comparison of liquidation strength at different price levels. Higher "liquidation columns" indicate that reaching those prices will trigger more intense liquidity shocks — like dominoes, once they start to fall, they accelerate. Understanding these key price levels is very helpful for judging the subsequent market volatility.