Ethereum is currently swinging between two key levels—$2900 and $3000. These are not just simple numbers; behind them lie massive leveraged positions and liquidation risks on centralized exchanges.

From the perspective of liquidation pressure, the situation is quite asymmetric. If Ethereum falls below $2900, the main exchanges could face up to $802 million in chain reactions of long position liquidations. On the other hand, if the price breaks above $3000 resistance, the scale of short position liquidations triggered would be only about $228 million. This contrast clearly indicates that the market has accumulated far more long leverage positions than expected, like a powder keg filled with explosives.

How severe is the imbalance between bulls and bears? Just look at this number—liquidation strength below is 3.5 times that above. When the price approaches $2900 and a decisive breakdown occurs, how powerful could the chain liquidation be? It could accelerate the decline, as forced liquidations push the price down further, triggering more long positions to be forcibly closed. Once this self-reinforcing negative cycle starts, volatility could far exceed expectations.

Why are these two levels so critical? They are not only technical support and resistance but also the ignition points of the market's "liquidity wave." Especially at $2900, a large number of fragile leveraged positions—so-called fragile positions are those that are forced to close with any price movement—are concentrated. Once this line is breached, a terrifying domino effect could unfold.

In contrast, breaking above $3000 may also trigger short covering and upward price movement, but since the short liquidation volume is relatively small (about $228 million), initial volatility might not be as intense. This means the downside risk is indeed more concerning.

Currently, Ethereum's price is walking between these two levels. Investors need to closely monitor the following trading signals: if a volume surge breaks below $2900, beware of the risk of accelerated decline due to long position liquidations; if the price can hold firmly above $3000, it may lead to short covering and a price rally. But remember, the destructive power of a powder keg is always much greater than that of a newly ignited flame.