Will Ethereum break through 3200 or fall below 3000? An overview of the derivatives liquidation wave

【Blockchain Rhythm】According to the latest data from Coinglass, the next move of Ethereum’s price will directly impact the liquidation scale of the derivatives market.

Looking upward, if Ethereum successfully breaks through the key resistance of $3,200, the total liquidation of short positions on major exchanges will reach 868 million. This means that short sellers will face significant stop-loss pressure, potentially driving the price higher.

Conversely, if Ethereum falls below the $3,000 support level, long position holders will encounter a wave of liquidations, with a total liquidation strength of up to 1.289 billion.

It is necessary to clarify the meaning of the liquidation chart — it does not precisely count the number of contracts pending liquidation at a certain price level or the specific liquidation amount. Instead, it displays the strength weight of each liquidation cluster relative to neighboring clusters through a bar chart. In other words, the chart reflects how much market impact occurs when the price reaches a certain point. The taller the bar, the more intense the liquidity fluctuation triggered by liquidations at that price level. For traders, these key points are worth paying close attention to.