Recently, on-chain liquidation data for Ethereum revealed an interesting phenomenon — the market is standing at a highly sensitive crossroads.

According to exchange liquidation position statistics, once the ETH price breaks through $3,300, the entire network's short positions will face a collective liquidation pressure of $809 million. Conversely, if it drops below $3,150, the longs will be washed out with $1.053 billion. This is not an ordinary fluctuation range — these two levels have already evolved into market "minefields."

From the liquidation chart, the height of the bars intuitively reflects the chain reaction of price movements. The two towering liquidation bars now resemble two hurdles; the levels of 3300 and 3150 have become focal points that all participants are watching. Once the price touches either of these levels, automated liquidation will immediately trigger, causing a sharp acceleration in a short period — this is what we often call the "liquidation cascade effect."

In simple terms, this is no longer just a battle between bulls and bears. When liquidation positions reach this scale, the market structure itself becomes the main subject of stress testing. Whether you hold spot positions or participate in the futures market, these two levels will be critical turning points for the upcoming trend. Large traders and institutions are closely monitoring this, because behind every liquidation wave lie both risks and opportunities.

What do you think? Will Ethereum break upward first or break down? Will the bulls or the bears come out on top? Write down your analysis — let's witness this upcoming market turbulence together.