ETH is hovering between two key levels, with $1.368 billion long liquidation pressure awaiting release.

According to the latest data, ETH’s current price of $3,018 is at a critical risk level. If it breaks below $2,872, mainstream CEXs will face a $1.368 billion long liquidation wave; if it breaks above $3,156, a $587 million short liquidation will be triggered. This asymmetric liquidation strength reflects a market where bulls are dominant but under significant pressure.

Two Defensive Lines Against Liquidation Risk

Based on Coinglass data, ETH’s liquidation pattern shows a clear asymmetric feature:

This data reveals two important points:

• The long liquidation strength is 2.3 times that of shorts, indicating that the market’s long positions are larger and carry greater risk exposure.
• The distances to the two liquidation levels are similar (146 dollars downward vs. 138 dollars upward), but the liquidation amounts differ greatly, suggesting higher concentration of longs.

The Significance of the Current Price

ETH’s current price of $3,018 is quite sensitive. Recent information shows ETH has risen 3.33% in the past 24 hours and 3.21% over the past 7 days, indicating recent upward momentum. However, this price is also positioned midway between the two liquidation levels, with risks on both sides.

Key points to watch:

• Downside space: 146 dollars buffer to the long liquidation level at $2,872, roughly a 4.8% decline.
• Upside space: 138 dollars to the short liquidation level at $3,156, roughly a 4.6% increase.
• Market cap share: ETH’s market cap is $36.427 billion, accounting for 12.05% of the crypto market, a sizable volume that can influence market movements during liquidation events.

True Reflection of Bull and Bear Forces

This data, to some extent, reflects the current market reality. Bulls are dominant (based on recent gains and larger positions), but they also face greater risk exposure. If the price falls below the $2,872 support, the $1.368 billion long liquidation could trigger a chain reaction, accelerating the decline.

In contrast, shorts, although smaller in size ($587 million), have a more distant defense line, giving bulls more room to rise. This asymmetric liquidation structure generally indicates that market participants are more cautious about downside risks.

Short-term Risk Outlook

Based on current data, the following should be monitored:

• Whether ETH can break above $3,156: If it stabilizes and surpasses this level, short liquidations will be triggered, potentially pushing prices higher.
• Defense at $2,872: If this level is broken, the $1.368 billion long liquidation could materialize, significantly increasing market volatility.
• Volume support: The current 24h trading volume is $2.773 billion, which is moderate relative to market cap, possibly affecting the sustainability of price breakthroughs.

Summary

ETH is currently in a “sandwiched” position, with both bulls and bears facing liquidation pressures, but with asymmetric strength. The $1.368 billion long liquidation exceeds the $587 million short liquidation, indicating stronger bullish forces but also greater downside risk. In the short term, the levels of $2,872 and $3,156 will be key support and resistance points that determine market direction. For traders, a confirmed break of these levels will serve as important risk signals.