According to the latest market data analysis, the price fluctuations of Ethereum (ETH) could trigger a massive liquidation event. If the price of ETH breaks through the critical level of $4,353, the cumulative short order liquidation scale on major Centralized Exchanges (CEX) is expected to reach a staggering $1.793 billion. This figure highlights the concentration of bearish sentiment in the market, while also reflecting potential significant risks.

On the contrary, if the ETH price falls below $3,944, we may witness a different scenario. In this case, the cumulative liquidation scale of long positions on major CEX platforms is expected to reach $1.21 billion. This indicates that there is still a considerable downside risk even in a market with relatively strong bullish sentiment.

These data not only reflect the high volatility of the Ethereum market but also highlight the prevalence of leverage usage and its potential risks in cryptocurrency trading. Investors and traders should closely monitor these key price levels and manage their risk exposure cautiously. At the same time, this data also provides us with important clues for insights into market sentiment and potential trends.

As the Ethereum ecosystem continues to grow and with the upcoming network upgrade, the market's attention on ETH may further increase. Whether it breaks through the upper resistance or falls below the lower support, it may trigger a chain reaction that affects the entire cryptocurrency market landscape. Therefore, market participants need to remain vigilant and be prepared to respond to potential severe price fluctuations.