ETH is currently at a critical point of intense long-short competition. The latest data shows that if the price falls below the $2,998 support level, long positions across major trading platforms will face liquidation pressure as high as $1.376 billion—no small figure.

On the other hand, it's not easy for the shorts either. If ETH breaks above $3,311, the cumulative liquidation intensity for short positions could reach $1.317 billion. Both sides have roughly the same amount of "ammunition" stored up, indicating that the long and short forces are relatively balanced at the moment. Whoever manages to break the deadlock first may trigger a chain reaction.