Based on on-chain data tracking, there are currently two key market turning points for Ethereum.

If ETH can break through the resistance level of $3065, short positions on mainstream trading platforms will face a large-scale liquidation, with total liquidation strength potentially reaching $1.477 billion — a significant figure that could impact market sentiment in the short term.

Conversely, if ETH drops below the support level of $2776, bullish positions will be in trouble. The accumulated liquidation strength of long positions on major CEXs will reach $894 million, which means a large number of stop-loss orders could be triggered simultaneously.

In other words, regardless of which direction the market breaks, leveraged positions in that direction will face liquidation pressure. These two price points are like "minefields" in the market — whoever steps on them first will trigger a chain reaction. For traders, these are critical risk signals to watch.