The Ethereum derivatives market is brewing a liquidation storm worth up to $1.861 billion. On-chain data shows that if the ETH price breaks down below $3,708, mainstream centralized exchanges will cumulatively trigger $931 million in long liquidations.
Conversely, if ETH can strongly break above $4,044, it will trigger $930 million in short liquidations, providing strong upward momentum for the price. Currently, the ETH price is in the $3,850 range, with market sentiment leaning towards a cautious rebound.

The comparison of long and short forces is slightly below 1.0, indicating significant selling pressure near the psychological level of 4,000. Professional traders should view 3,708 and 4,044 as key boundaries to determine short-term direction.