From on-chain data, key price levels for Ethereum are worth paying attention to. Once ETH surpasses $3,343, short positions on mainstream CEXs will face large-scale liquidation—total liquidation strength is expected to reach $1.102 billion. Conversely, if ETH falls below $3,041, the bulls will come under pressure, and the liquidation strength of long positions at the same level will reach $790 million. The roughly $450+ range between these two levels is essentially the current battleground. The short-term trend largely depends on which direction the funds will push.