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According to on-chain data monitoring, Ethereum is currently caught between two critical defense lines. Looking upward, if ETH stabilizes and breaks through the $3,444 resistance, short positions on mainstream exchanges will face a concentrated liquidation wave, with the total liquidation scale potentially reaching $1.4 billion. Conversely, the defensive position below is also fragile—if the price falls below the $3,126 support level, a nightmare for longs will unfold, with the liquidation pressure on long positions on mainstream platforms instantly reaching $951 million. This means that whether breaking upward or downward, a liquidation storm will be triggered. In the short term, Ethereum investors need to closely monitor the actual performance of these two critical points.