Based on market data analysis, Ethereum is currently near several key price levels, which correspond to critical points for large-scale liquidations on exchanges.

Specifically, if ETH can break through the resistance level of $3,227, the accumulated short positions on mainstream exchanges will trigger a massive liquidation, with the total liquidation strength potentially reaching $487 million. This means short traders should be prepared for stop-loss triggers.

Conversely, if ETH falls below the support level of $2,952, long positions will face liquidation pressure of the same magnitude—$487 million. These two price levels are like a "minefield" in the market; triggering either one could cause a chain reaction.

This also explains why the market has been fluctuating frequently within this price range recently—many traders are closely watching these two critical liquidation points, waiting to see which side will make the first big move.