According to Coinglass data, Ethereum liquidation levels indicate concentrated counterparty risk on major centralized exchanges: a decline beneath $4,200 corresponds to approximately $1.103 billion in cumulative long liquidation exposure, while a rally above $4,450 would imply about $680 million in short liquidation pressure.

COINOTAG notes the public liquidation chart conveys relative liquidation strength rather than exact contract counts or notional values; higher bars signal the potential for larger price dislocations driven by a liquidity cascade, a factor market participants should incorporate into position sizing and risk frameworks.