ETH is currently engaged in an intense battle between the major players and the market at the $2700 level.

After a sharp drop on December 1st brought the price down to $2721, large holders rapidly swept up $210 million worth of positions within 3 minutes, pushing the price back above $2800. This is not just a simple stop-loss — technical data has long indicated everything.

The $2700-$2800 range has accumulated over $3.5 billion in open interest, and the 50-day EMA coincides perfectly with the Fibonacci 27.2% retracement level. On-chain data shows that whale addresses have been transferring large amounts of ETH to exchanges for 17 consecutive days. But there is a detail worth noting — they are not dumping en masse but spreading out their positions. This strategy was seen before the 2022 Merge, which led to a 40% surge.

Market sentiment shifts are also quite interesting. Yesterday, the fear index plummeted 30%, social media buzz soared to 8.96%, hitting a six-month high. Meanwhile, trading volume shrank by 58%, and the funding rate only increased slightly by 0.004%. This combination of data signals that there may be an emotional premium at play — major players might be leveraging to trigger retail FOMO.

The $2700 line is very critical for the future trend. It serves as both technical support and the core area for major players’ positioning. From a trading perspective, you can either closely monitor the movements of the big players within this range and build positions in batches between $2700 and $2800, or wait until the resistance zone at $3200-$3300 to consider taking profits. The market always rewards those who stay calm.