According to Coinglass analytics, a decisive breach of Ethereum above $4,400 would correspond to approximately $2.072 billion in total short liquidation intensity across mainstream CEX, reflecting concentrated leveraged short positions vulnerable to forced deleveraging.
Conversely, Coinglass scenarios indicate that a drop below $4,000 would generate roughly $1.202 billion in aggregate long liquidation intensity on major centralized exchanges, signalling potential long-side cascades and rapid order-book repricing.
The accompanying liquidation chart represents relative intensity of liquidation clusters rather than exact contract counts or notional values; larger bars denote where a liquidity cascade could produce a more pronounced market impact as prices intersect concentrated margin levels.