Ethereum is sitting on a major on-chain support zone near $2.8k, where the realized price of key holder groups clusters together. retail wallets have been selling, while large holders above 10k ETH continue to accumulate.

long liquidations are fading even as price makes new lows, which signals that forced selling is losing momentum. short positioning has increased, creating conditions where a modest bounce can trigger a squeeze.

this is a classic redistribution setup where stronger hands absorb supply while weaker hands exit.