Ethereum technicals reveal two critical levels, and the derivatives liquidation data behind them warrants attention.

According to the latest data from Coinglass, if Ethereum breaks above $3000, the liquidation scale of short positions on major exchanges could reach approximately $762 million. Conversely, if it falls below $2850, the long position liquidations could approach $630 million. What do these two figures reflect? It’s not just about the simple concept of liquidation amounts, but rather the market liquidity’s sensitivity to price fluctuations — we can understand this as "liquidation intensity." The higher the intensity, the more severe the chain reaction once prices hit these levels, and prices may accelerate due to liquidity withdrawal.

Currently, Ethereum is oscillating around $2900, which happens to be between these two critical levels. Breaking above $3000 would be a nightmare for bears, while dropping below $2850 would threaten the bulls. The market’s powder keg is already stacked; it all depends on how price action triggers the move.

From a trading perspective, such technical structures often attract more participants to position at these key levels. The concentration of liquidity also suggests that volatility could further amplify. What’s your view on the direction of this move? Will it hit $3000 or $2850 first?