ETH Drop Below $2,164 Would Trigger $1.05B Liquidation on Major CEXs

The relevance here is structural rather than directional: a single price level now maps to a nine-figure liquidation pool, meaning leverage is clustered tightly enough that a modest move could force mechanical selling. That matters most for traders carrying longs on mainstream centralized exchanges, where cascading liquidations can amplify a decline beyond the level itself. The open question is whether that concentrated positioning unwinds gradually or all at once, and whether the fragility is isolated to ETH or reflects broader market leverage.