Looking at the recent exchange liquidation data, there are a few price levels to watch.

If Ethereum breaks down to the $2800 level, the liquidation pressure on long positions across major trading platforms will be quite significant—total liquidation strength could reach $7.96 billion. Conversely, if the market pushes above $3100, the liquidation scale on the short side won't be small either, potentially reaching $8.89 billion.

These figures actually reflect the market's leverage concentration at these two price points. Most traders tend to pile up positions at key psychological levels, and once liquidation is triggered, the chain reaction can spread quickly, potentially amplifying volatility. So these two numbers are worth considering, but don't over-interpret them—markets are always more complex than the data suggests.