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Ethereum is currently facing a highly sensitive liquidity situation. According to the latest market data, approximately $1 billion in liquidation orders are stacked around Ethereum, which means that even a slight price fluctuation could trigger a chain reaction.
Specifically, in the short term, as long as the price breaks above 10%, $1.64 billion in short positions are directly exposed to risk. Conversely, if the price drops by 10%, the long side would face a forced liquidation pressure of $1.05 billion.
This highly asymmetric distribution of liquidations indicates that market participants have clear disagreements on the market direction—both bulls and bears are betting, but the size and positioning of their bets are completely different. When volatility truly arrives, whichever side's chips are first broken through could escalate into a chain of liquidation storms.