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Coinglass data indicate that roughly $1.044 billion in Ethereum long positions on major centralized exchanges could be exposed to forced liquidations if ETH falls below $2,323. Conversely, a move above $2,563 would shift pressure to shorts, with about $531 million in short positions at risk of liquidation across the same venues.
Coinglass heatmap data suggest Ethereum is positioned between two sizeable liquidation “walls,” with leverage stacked just below and above spot. The latest read-out estimates that:
Coinglass describes its liquidation heatmaps as tools to estimate price ranges where large-scale liquidation events may occur. The platform aggregates futures and perpetual swap data from venues including Binance, OKX and Bybit, noting that liquidations can cause sharp price movements and significantly impact traders’ positions. Once price crosses dense clusters of leverage, forced selling or buying cascades can follow.
The new $2,323–$2,563 band extends an April pattern in which leverage repeatedly clustered in tight ranges, turning 5–7% moves into outsized liquidations for over-levered traders.
Earlier this month, Coinglass data cited in a crypto.news report showed:
In that setup, Coinglass described a “trapdoor” cascade risk as price collided with stacked liquidations in both directions.
Coinglass’ Ethereum dashboard shows current open interest around $32.8 billion. It also notes that roughly $111.6 million of ETH futures positions have been liquidated over the past 24 hours, underscoring that even smaller intraday moves can flush over-levered traders.
Separately, Coinglass highlighted another danger zone at $2,451, estimating that a decisive break above that level could put about $1.473 billion of short positions at risk. It also estimated that a drop below $2,220 could trigger $1.10 billion in long liquidations. Coinglass warned that dense bands of leverage can create mechanical selling or buying once price crosses key thresholds, amplifying what might otherwise be modest spot moves.
For ETH traders, the corridor implies that the next few hundred dollars in either direction sit atop hundreds of millions of dollars in forced-flow risk. Positions with high leverage entering the $2,323 downside level or the $2,563 upside pocket may face liquidation-driven price pressure rather than being insulated from it.
Coinglass has also previously flagged other liquidation setups, including near-$2,000 “trapdoor” heatmap levels, a $2,057–$1,863 liquidation wall in February, and this week’s focus on the looming $2,451 liquidation band.
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