Opinion: The main whale group of ETH has not given up, and $2700 forms a consensus support zone.

On December 29, on-chain data analyst Murphy published “Is ETH Still Worth Expecting in 2026?” a year-end Ethereum data analysis summary. The conclusion is that the current contradiction in ETH is not in the upper chips but in the dispersed lower structure. $2700 is currently one of the few consensus support zones; once broken, the price will enter a vacuum zone lacking anchoring points. The main whale groups have not given up but have become more cautious. The concentration of chips is still rapidly increasing and being systematically aggregated. On-chain behavior: Before September 18, a large amount of funds built positions around $4500. When ETH surged on December 6, they did not sell, but ETH then declined steadily, and these chips gradually cut losses and exited. There is a large amount of trapped orders around $3100, mainly due to whale groups that built positions between May and July this year at $2600-2700, which subsequently continued to add positions, now averaging a cost of $3100. Before November 23, large funds entered around $2700-2800 to bottom fish, forming dense chip accumulation zones, with no signs of reduction so far. Chip structure: The current most concentrated ETH chip zone is between $2700-3100, with an accumulation of 17.9 million ETH, accounting for 22.6% of the total circulating supply, followed by 4.43 million ETH at the $3100 level. It is judged that the chips at $3100 are not resistance to a rebound, but $2700 should be an effective support. ETH price is oscillating within this range due to the “consensus” generated by some institutions here. Whale holdings: Wallet groups holding more than 100,000 ETH are the most intelligent dominant players in this cycle. During the ETH price drop from February to April this year to $1500, this group was the absolute main force in increasing and adding positions. Later, when ETH rebounded to $3500, they began to quickly reduce holdings, with the selling zone covering ETH’s highest points in August-October. During the correction to $2700 on November 21, this group added positions again.