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ETH is currently in a critical long-short battle zone, with the liquidation structure showing obvious "two-way squeezing" characteristics.
If the price breaks above $2,473, the liquidation scale of short positions on mainstream exchanges is expected to expand to about $1.22B, with bearish pressure potentially released quickly, possibly triggering further short squeeze acceleration.
Conversely, if it breaks below the $2,244 support area, the concentrated liquidation of long positions is expected to reach approximately $712 million, and leveraged longs will face a risk of phased liquidation.
Structurally, this zone resembles a liquidity "interlayer," where every attempt near the upper and lower boundaries may be accompanied by large-scale position resets.
The core of the current market is not the direction, but which side is breached first.
Follow me for ongoing analysis of the real liquidation structure and capital game logic in the crypto market.