Ethereum's price fluctuations could lead to significant liquidations on major cryptocurrency exchanges. According to Coinglass data, if Ethereum's price drops below $2,015, long positions totaling $648 million could be liquidated. Conversely, if Ethereum's price rises above $2,225, short positions amounting to $375 million could face liquidation. These potential liquidations highlight the volatility and risk associated with Ethereum trading on centralized exchanges.