On-chain data shows that approximately 343,075 ETH are currently exposed to liquidation risk under DeFi protocols, equivalent to about $547 million based on the口径 used in the article. As ETH has broken below its previous upward channel, the market is once again focusing on areas with concentrated borrowing positions and whether the $1,300 level can continue to provide support.
Positions are concentrated at multiple price levels.
Based on the disclosed data, the risks are primarily concentrated in multiple large leveraged positions, with the largest liquidation cluster located at $1,361.73, corresponding to 137,908 ETH, with a value of approximately $220 million.
Maker is one of the primary sources of risk. The article mentions that the protocol has two large liquidation ranges:
- 100,394 ETH, with a liquidation price of approximately $1,426.31
- 137,908 ETH, liquidation price approximately $1,361.73
- The combined amount of the two groups is close to $380 million.
This means that if ETH continues to decline and reaches these price levels, on-chain collateral may face intensified pressure from passive liquidations.
Technical pattern weakens
The text also notes that ETH has recently broken below its original uptrend channel. The volume profile also shows that the price has fallen below the previous high-volume zone. Areas that previously provided support often become new resistance levels once breached.
In this scenario, buying pressure during market downturns may weaken, and price volatility is more likely to amplify. For DeFi positions already close to their liquidation threshold, this further increases risk.
$1,300 is the next level to watch.
The next key area of market focus is around $1,300. Notably, most of the liquidation prices listed in the article are above this range. This means that if ETH continues to decline, some highly leveraged positions may enter liquidation pressure zones before the price even reaches $1,300.
Overall, the Ethereum-based lending system still carries significant collateral risk. If prices continue to weaken, liquidations could spread from isolated positions to a broader range, adding additional pressure on short-term liquidity.