ETH price fluctuations are increasing market liquidation risks. According to the latest on-chain data, once Ethereum breaks through the key level of $3,237, the liquidation intensity of short positions on mainstream exchanges will surge to $1.104 billion — meaning a large number of bearish positions will be forcibly closed.

On the flip side, it’s also very risky. If ETH falls below $2,936, the bulls will have a tough time. At this point, the long position liquidation intensity on major CEXs reaches $1.071 billion. Both directions are squeezed within a span of less than $300, which is the current market’s vulnerability.

From a macro perspective, the US non-farm payroll data underperformed expectations, and such economic signals often impact the risk appetite of the crypto market. SOL’s recent rally also hints at an improving market sentiment, but this rebound appears particularly fragile in the face of such high liquidation pressure. Once either side triggers a breakout, the chain reaction could be quite intense.