Ethereum is currently priced at approximately $3.12K, and its trading market faces the risk of dual-sided liquidations. If the price breaks through $3,237, it will trigger over $1.104 billion in short liquidations; if it falls below $2,936, the long liquidation amount will reach $1.071 billion. Regardless of the direction, the liquidation pressure will exceed $2.1 billion, and traders should be cautious of the impact of rapid breakouts.