Ethereum's price fluctuations could lead to significant liquidations on major cryptocurrency exchanges. Data from Coinglass indicates that if Ethereum's price drops below $3,138, long positions totaling $1.02 billion could be liquidated. Conversely, if Ethereum's price rises above $3,447, short positions amounting to $1.098 billion could face liquidation. These potential liquidations highlight the volatility and risk associated with Ethereum trading on centralized exchanges.