Ethereum is currently at a critical price level. Market data indicates that if ETH can break above $3,237, mainstream exchanges' short positions will face concentrated liquidation pressure, with a total scale of up to $1.104 billion. Conversely, if it falls below the support level of $2,936, long holders should also be cautious — this position will trigger a $1.071 billion long liquidation chain reaction. The liquidation volumes in both directions are quite substantial, indicating that market participants have heavily bet on these two price levels. In the short term, these two thresholds will become focal points, with a large number of stop-loss orders guarding both above and below.