According to data from Coinglass, Ethereum (ETH) currently has two significant liquidation clusters near its present trading range. If the price rises above $1,640, the cumulative short liquidation intensity across major centralized exchanges (CEXs) would reach $627 million, indicating a heavy concentration of leveraged short positions at that level.
On the flip side, a decline below $1,486 would expose $256 million in cumulative long liquidation intensity. Liquidation intensity refers to the total notional value of contracts that would be forcefully closed when the price reaches a specific threshold, serving as a direct measure of market leverage concentration and potential stress.
The data reveals that the upside short liquidation volume is about 2.4 times that of the downside long liquidation, suggesting that bearish positioning is notably crowded near the $1,640 mark. While this signals prevailing short-term bearish sentiment, it also sets the stage for a possible short squeeze should that resistance be broken.