Ethereum's price fluctuations could lead to significant liquidations on major cryptocurrency exchanges. Data from Coinglass indicates that if Ethereum's price drops below $2,802, long positions worth $1.084 billion could be liquidated. Conversely, a price increase above $3,093 could result in the liquidation of $827 million in short positions. These potential liquidations highlight the volatility and risk associated with Ethereum trading on centralized exchanges.