Ethereum faces a critical inflection point right now. The market's sitting on massive opposing positions—$1.64B in short contracts stacked above, $1.05B in long positions below. It's a pressure cooker scenario.

What makes this dangerous? The liquidation cascade. A mere 10% swing in either direction could unwind both sides violently. That's not healthy conviction from traders; that's overleveraged capital waiting to implode.

The thing about compressed markets like this is they rarely drift sideways. Price action tends to snap hard when the dam breaks. Watch the liquidation zones closely—this kind of setup doesn't hang around for long.