Ethereum's price fluctuations could lead to significant liquidations on major cryptocurrency exchanges. Data from Coinglass indicates that if Ethereum's price drops below $2,855, long positions totaling $900 million could be liquidated. Conversely, if Ethereum's price rises above $3,151, short positions amounting to $669 million could face liquidation. These potential liquidations highlight the volatility and risk associated with Ethereum trading on major centralized exchanges.