Ethereum's short-term trend is testing two key levels, behind which lie significant liquidity risks.

According to the latest market data, if Ethereum's price drops below $2900, the long positions accumulated on major CEXs will face a total liquidation pressure of 8.74 billion. Conversely, if Ethereum breaks above $3100, the short liquidation strength will reach 6.46 billion.

It's important to clarify a common misconception: the liquidation chart does not show the exact number of contracts pending liquidation or the total value of positions being liquidated. Instead, it measures the **liquidation intensity** across different price ranges—that is, how much impact that level would have on market liquidity. You can think of it simply as: the higher the bar at a certain price point, the more likely it is to trigger a chain reaction of liquidations and a buying surge once touched.

In other words, the liquidation heatmap presents the potential market disturbance when the underlying asset reaches a certain price. Those "liquidation bars" that stand out particularly often cause significant liquidity fluctuations due to large positions being liquidated simultaneously.

For traders, the numbers 2900 and 3100 are worth close attention—they are not only technical support/resistance levels but also "minefields" in the on-chain contract market. Near these price levels, market momentum could be amplified exponentially.