Ethereum is currently at a highly sensitive technical juncture, with both bulls and bears accumulating a large "liquidation powder keg" near key price levels.

· Key Price Levels and Liquidation Risks: Data shows that if ETH drops below $2900, it could trigger approximately $784 million in long position liquidations on major exchanges; conversely, if the price breaks above $3100, it could trigger about $923 million in short position liquidations. This structure means that any breakout in either direction could be sharply amplified by chain reactions of liquidations.
· Market Volatility Reality: In the past 24 hours, market volatility has led to $149 million in liquidations across the network, affecting over 133,000 people, with Ethereum longs and shorts liquidated at approximately $7.35 million and $6.16 million respectively.
· Technical Pattern Hope: Despite heavy pressure, some technical analysts still see hope. They believe ETH is currently maintaining within a long-term upward channel and may be forming a one-month "symmetrical triangle" consolidation pattern. If an upward breakout occurs in the first week of 2026, the first target resistance is around $3400.