ETH faces a $993 million liquidation risk as bullish and bearish leverage confront each other between $3,161 and $3,462.

According to the latest news, Coinglass data shows the current leverage crisis in the ETH market structure: if ETH falls below $3,161, the cumulative liquidation strength of mainstream CEX long positions will reach $9.93 billion; conversely, if it breaks above $3,462, the short liquidation strength will reach $9.89 billion. Currently, ETH is priced at $3,319.45, positioned between these two key levels, with bullish and bearish forces in a delicate balance.

Market Structure Behind the Liquidation Data

What does symmetrical liquidation size mean

The nearly equal liquidation sizes of long and short positions (respectively $9.93 billion and $9.89 billion) reflect a highly balanced opposition among market participants at the current price levels. This symmetry often appears near critical support and resistance levels, indicating that institutions and retail traders have deployed substantial leverage positions at these two points.

Market implications of the price position

ETH is currently positioned slightly above the midpoint between the two liquidation points. This position itself is tense:

• About $160 below the support level, providing some buffer for bulls
• About $140 below the resistance level, offering some defense for bears
• Any rapid breakout in either direction could trigger chain reactions of liquidations

Market Background Information

According to data, ETH has recently shown relative stability:

• 24-hour increase of 0.70%
• 7-day increase of 7.04%
• 30-day increase of 12.51%
• 24-hour trading volume of $1.178 billion
• Market cap share of 12.43%

This moderate upward trend contrasts interestingly with the highly leveraged structure. The market is optimistic but also preparing for a downturn, exemplifying a high-uncertainty environment.

Risks and Opportunities

Bullish pressures

The $9.93 billion long liquidation size is a sword hanging overhead. If the price drops below $3,161, these positions will be forced to close, potentially triggering further declines. Considering market liquidity and leverage multiples, the actual price impact could be even larger.

Bearish defense line

Similarly, the $9.89 billion short liquidation size indicates that bears have deployed heavy positions above $3,462. This level acts as a psychological defense line; once broken, stop-losses for shorts could accelerate upward movement.

Personal opinion

This symmetrical liquidation structure actually reflects market maturity—institutional investors have learned to hedge at key levels. But it also means the market becomes more fragile, as once one side’s defense is breached, chain reactions can be very rapid.

Follow-up Focus

In the short term, ETH needs to closely monitor these two levels. If the price can stabilize within the $3,200-$3,400 range, it indicates a new balance between bulls and bears. But if the price breaks out rapidly in either direction, be prepared for large-scale liquidations.

Summary

ETH is currently at a highly leveraged equilibrium point, with $9.93 billion in long liquidations and $9.89 billion in short liquidations roughly equal, indicating both sides have deployed heavy positions at key levels. The $301 volatility range (from $3,161 to $3,462) has become a critical threshold for the market. In this environment, any breakout in either direction could trigger chain liquidations, so investors should closely watch these two key levels.