Ethereum's price fluctuations could lead to significant liquidations on major cryptocurrency exchanges. According to Coinglass data, if Ethereum's price falls below $3,200, it could trigger $802 million in long position liquidations. Conversely, a rise above $3,400 could result in $101.1 million in short position liquidations. These figures highlight the potential for substantial market reactions at these price levels, as indicated by the intensity of liquidation clusters on the chart.