According to Coinglass data relayed by COINOTAG News, an upside breakthrough for Ethereum beyond $3,400 could trigger a substantial short liquidation surge on major CEX venues, with estimates near $515 million.

Meanwhile, a dip below $3,200 may unleash a pronounced long liquidation wave, with totals approaching $1.195 billion across mainstream exchanges.

COINOTAG adds context, noting that the liquidation chart conveys relative intensity rather than precise contract counts—the height of each bar signals how strongly liquidity shifts could affect price at that level.