What is the liquidation pressure geometry at key Ethereum price levels? $3,450 becomes an upward limit

According to the latest data analysis from Coinglass, ETH is currently trading around $3.20K, but there are two key liquidation risk points in the market worth noting.

**Upside Resistance and Short Risk**

Once Ethereum's price breaks through the psychological threshold of $3,450, the short positions accumulated on mainstream centralized trading platforms (CEX) will face a large-scale liquidation wave. According to data, the chain reaction of liquidations triggered at this level could reach $1.237 billion. Such forced liquidations are sufficient to accelerate upward momentum in the short term.

**Downside Risk and Long Pressure**

Conversely, if ETH falls below the support line of $3,123, long traders will also face risks. The total liquidation amount of long positions below this level will reach $989 million, which, although slightly smaller, is still significant.

The $327 difference between these two levels forms a "sensitive zone" in the market—any breakout in either direction will trigger liquidation events worth billions of dollars, potentially causing a chain reaction. Traders should closely monitor the performance at these two critical levels, as they will directly influence short-term market trends.