Coinglass data shows that if the price of Ethereum breaks through $4600, the cumulative short liquidation intensity of mainstream CEX will be about $1.1 billion; conversely, if it falls below $4300, the cumulative long liquidation intensity will reach about $1.489 billion. The 'liquidation bars' in the chart do not represent the exact number or value of positions waiting to be liquidated, but reflect the importance of each liquidation cluster relative to nearby clusters, that is, the potential intensity of liquidity shocks. The higher the bar, the stronger the market response generated by liquidity waves when the price reaches that range. ${DIA-SOURCE}