ETH is only 4.77% away from the key liquidation price, with asymmetric risks in the derivatives market

According to the latest data, ETH’s current price is $2,965.25, close to two key liquidation levels. The upward short liquidation strength ($1.539 billion) far exceeds the downward long liquidation strength ($683 million), reflecting the asymmetric risk landscape in the current derivatives market.

Liquidation Strength Comparison: Greater Pressure from Above

Market Implications Behind the Data

Based on Coinglass data, this set of liquidation strength figures reveals several key insights:

• Greater Short Pressure: The upward short liquidation strength is 2.25 times that of the downward long liquidation, indicating that the scale and risk exposure of short positions in the market are significantly larger.
• Price Sensitivity: ETH is currently positioned below the midpoint between the two liquidation levels, within about 5% of both levels. Any breakout in either direction could trigger large-scale liquidations.
• Volume Support: The trading volume over the past 24 hours is $2.69 billion, sufficient to support such liquidation events.

Recent Price Trends and Risk Assessment

From the data, ETH’s recent performance has been somewhat mixed:

• Short-term (24 hours) up 2.17%, showing upward momentum
• Medium-term (7 days) down 9.87%, indicating overall pressure last week
• Monthly (30 days) roughly flat, up only 0.98%

This suggests ETH is currently in a rebound phase from a decline, but whether the upward momentum can sustain until breaking above $3,107 remains uncertain. If the upper short liquidation is triggered, the $1.539 billion liquidation strength could trigger a chain reaction, further pushing prices higher. In contrast, the smaller long liquidation strength below explains why market concerns about downside are relatively less.

Summary

ETH currently faces an asymmetric liquidation risk landscape: the upward short liquidation strength is more than twice the downward long liquidation, implying that upward breakout momentum may be stronger but also more concentrated. With about 4.77% distance to the level, this breakout is not out of reach. In the short term, attention should be paid to whether ETH can maintain its upward trend and how the market reacts when approaching the $3,107 level. Meanwhile, although the long liquidation scale below is smaller, it should not be ignored, as the interconnected effects of the derivatives market often amplify initial price fluctuations.