Ethereum is currently at a critical decision point.

Looking at the above, once the 3,455 level is held firmly, the liquidation scale for short positions could approach around 1.3 billion USD. There is indeed a sense of technical support here. Conversely, below, 3,128 is another lifeline. If it breaks down, the liquidation scale for long positions could be approximately 970 million USD.

Interestingly, the price itself is still hesitating, but the liquidation risk has long been clear. Regardless of which direction it breaks through, it involves the movement of tens of billions of dollars. In this situation, there may be short-term volatility, but the formation of the trend depends on these two levels. Bitcoin and other mainstream cryptocurrencies have also been adjusting under similar pressure recently, and the market is waiting for a definitive signal.