**ETH Liquidation Dynamics: Analyzing Position Pressure at Different Price Levels**

According to Coinglass's ICP data analysis, the liquidation mechanisms associated with Ethereum (ETH) price fluctuations significantly impact the market structure of major centralized exchanges (CEXs).

Currently, ETH is trading around $3.20K, but if downward pressure emerges from this price range, serious situations could occur for long position holders. Based on Coinglass data, when ETH falls below $2,996, the cumulative liquidation strength of long positions on major CEXs is expected to reach $9.79 billion. This level indicates substantial short-term selling pressure.

On the other hand, upward scenarios are equally important. If ETH breaks through $3,297, the cumulative liquidation strength of short positions on major CEXs could reach $5.16 billion, creating liquidation pressure on short sellers.

These figures illustrate how imbalanced the current market participant position distribution is at this price range. Since the liquidation strength of long positions far exceeds that of short positions, there is a higher likelihood of larger chain liquidations during downward price movements.

For traders, recognizing these liquidation points as key support and resistance levels is essential for risk management.