Ethereum liquidation metrics from Coinglass show that a break above $4,800 would correspond with a total short liquidation strength of approximately 1.067 billion across mainstream CEX venues, while a drop below $4,600 aligns with a total long liquidation strength near 1.025 billion. These figures represent aggregated liquidation strength estimates derived from exchange orderbook and derivative positioning data rather than precise contract counts.
The accompanying liquidation chart, as noted by COINOTAG, illustrates the relative significance of liquidation clusters: bars indicate the comparative strength of adjacent clusters and the potential price impact from a liquidity cascade when those levels are reached. Market participants should treat the chart as a risk-management tool that highlights areas of concentrated leverage rather than an exact ledger of contracts awaiting execution.