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ETH breaking through the historical high or falling below $4550 will trigger a massive contract liquidation wave.
According to data from the data platform, if Ethereum breaks its historical high, the cumulative short order liquidation intensity on mainstream trading platforms will reach 1.199 billion.
On the contrary, if Ethereum drops below $4550, the cumulative long order liquidation intensity on mainstream trading platforms will reach 2.128 billion.
Note: The liquidation chart does not show the exact number of contracts to be liquidated or the precise value of contracts being liquidated. The bars on the liquidation chart actually represent the significance, or intensity, of each liquidation cluster relative to nearby liquidation clusters.
Therefore, the liquidation chart shows to what extent the underlying price will be affected when it reaches a certain position. A higher "liquidation pillar" indicates that there will be a stronger reaction due to liquidity waves once the price reaches that point.