The latest data shows that Ethereum's price fluctuations will directly impact the market liquidation scale. Once it falls below the key support level of $3,200, the long positions accumulated by major trading platforms will face a massive liquidation pressure of $802 million — a figure sufficient to shake short-term market sentiment. Conversely, if the price rises to $3,400, the short side will need to prepare for a $1.011 billion liquidation impact. The price range between these two critical points has become the focal area that both bulls and bears must pay attention to.