#数字资产市场动态 $ETH The current problem isn't the lack of buy orders above; the real issue lies below—the chips are scattered in complete disarray. The $2700 level is particularly critical, and a consensus has formed among a few. Once it breaks below this point, there will be no more support.

Major institutional players haven't exited the market; they've just turned into hunters. They are quietly accumulating chips, with concentration levels accelerating, and systematic accumulation is still ongoing.

On-chain data speaks clearly. Around mid-September, someone was heavily building positions near $4500. By December 6th, when the price peaked, these investors hadn't sold. As the price later plunged, these trapped chips started to be sold off. The $3100 level has accumulated a large number of trapped orders—these were whales who bought between $2600-2700 from May to July this year and have been continuously adding to their positions. Now, their average cost has been pushed up to $3100. Interestingly, in late November, large funds repeatedly bought in the $2700-2800 range, forming a dense accumulation zone, and there are still no signs of profit-taking.

From the distribution of chips, the most concentrated area is between $2700 and $3100, where 17.9 million $ETH are stacked, accounting for 22.6% of the total circulating supply. There are also 4.43 million $ETH at the $3100 level. While $3100 may not necessarily prevent a rebound, the $2700 level should hold—institutions have formed some kind of tacit understanding here. The price fluctuates within this range mainly because these "consensus" levels are in effect.

The smartest players are those large wallets holding over 100,000 $ETH. From February to April this year, when Ethereum dropped to $1500, these players were the most aggressive in adding positions. Later, when the price rebounded to $3500, they quickly started selling, covering all the highs from August to October. An interesting turn occurred on November 21st, when $ETH returned to $2700, and these players began to accumulate again. That’s the mark of smart investors—knowing when to bottom fish and when to cut losses decisively.