February 6 News, the latest on-chain monitoring shows that if Ethereum prices continue to decline, ETH positions worth over $1.7 billion could be forcibly liquidated. Currently, Ethereum is hovering around $1,896, but the liquidation prices for several high-leverage large positions are well below the current price, becoming a potential risk point of market concern. Once these levels are breached, automatic sell-off mechanisms could rapidly amplify volatility.

The first high-risk zone is between $1,560 and $1,690. This range mainly comes from Trend Research's leveraged positions, which hold approximately 356,150 ETH with a market value of about $670 million. Due to the use of borrowed funds to amplify positions, a price drop of about 10% to 17% could trigger concentrated liquidations, putting significant short-term pressure on the market.