ETH Drop to $2,353 Could Trigger $1.08B in Long Liquidations on Major CEXs

The concentration of long leverage just below current levels suggests the market is positioned for a sharp, cascading move if that threshold breaks. This matters because liquidation cascades on major CEXs can amplify volatility beyond what fundamentals justify, affecting both leveraged traders and spot liquidity. The key question is whether the $2,353 level holds as a psychological and technical support, or if the sheer size of the liquidation pool makes it a self-fulfilling trigger. Watch order book depth and funding rates for signs of positioning shifts before that price is tested.