Ethereum's price movement is poised to impact significant liquidation volumes on major cryptocurrency exchanges. Data from Coinglass indicates that if ETH surpasses the $2,996 mark, it could trigger short position liquidations totaling $921 million. Conversely, a drop below $2,735 could lead to $291 million in long position liquidations. These thresholds highlight the potential volatility and risk for traders in the current market environment.