Asymmetric liquidation pressure: The liquidation intensity triggered by ETH's upward movement is more than three times that of the downward movement.

According to the latest news, if ETH breaks through $2,996, the cumulative short liquidation strength on mainstream CEXs will reach $921 million; conversely, if it falls below $2,735, the long liquidation strength will be only $291 million. This data reflects an interesting structural characteristic in the current market: long positions far outnumber short positions, and upward liquidation pressure is much greater than downward.

Relationship Between Liquidation Levels and Current Price

Based on data, ETH’s current price is $2,863.79. This means:

Although the distances from the current price to the two liquidation levels are roughly similar, the liquidation strengths differ greatly. This indicates that the long positions in the market are significantly larger than the shorts, and an upward trend will trigger larger-scale liquidations.

Market Implications Behind Asymmetric Liquidation

Bullish Market Structure

From the comparison of liquidation strengths, $921 million versus $291 million, the upward liquidation strength is more than three times the downward. This directly reflects that the current market’s long positions far exceed shorts, and investors are more optimistic about ETH’s future.

Risks of an Uptrend

Although longs seem to have the advantage, this also means that once ETH breaks through $2,996, it will face $921 million worth of short liquidations. These forced liquidations of shorts will further push up the price, potentially creating a “liquidation pushing the price up, the price pushing the liquidation” positive feedback loop, leading to high volatility in the short term.

Relative Buffer in Downtrend

In contrast, if ETH falls below $2,735 triggering long liquidations, the scale is only $291 million. This suggests that the liquidation pressure during a decline is relatively mild, and long stop-loss orders are relatively dispersed.

Recent Market Background

According to data, ETH has recently shown weakness:

• 24-hour decline: 3.25%
• 7-day decline: 14.27%
• 30-day decline: 1.98%

The current price of $2,863.79 has already retreated somewhat from earlier levels. In this context, longs still maintain a relatively large position size, indicating that the market remains confident in ETH’s medium-term prospects, but short-term profit-taking pressure exists.

Summary

This liquidation data reveals a key market structure: longs are clearly dominant, but their upward potential is constrained by $921 million in liquidation strength. For traders, the key level to watch is $2,996—once broken, it could trigger a chain reaction of large-scale liquidations. Meanwhile, support below $2,735 is relatively weak, and the risk of falling below cannot be ignored. The current price is between these two levels, and the next market move depends on which liquidation level is reached first.