#以太坊持仓与走势 Just finished analyzing the on-chain chip structure of ETH, and there are several signals worth noting.

From whale behavior, the large holders with over 100,000 coins were the main buyers during the low of $1500 from February to April. They then quickly reduced their holdings at the high points in August to October, demonstrating very precise timing. Importantly, on November 21, when the price retraced to $2700, this "smart money" re-entered the market. This move was not random.

Currently, the densest accumulation of chips is between $2700 and $3100, with a total of 17.9 million ETH accounting for 22.6% of circulating supply. The $2700 level is particularly interesting — it is both the average cost basis for the large positions built in mid-September and the dense entry zone for bottom-fishing funds at the end of November. Structurally, $3100 appears to be a resistance point during the rebound, but $2700 should be the real support.

The most noteworthy is the 4.42 million coins of trapped positions near $3100, which were formed by whales who accumulated between May and July at $2600-$2700 and then added more. The current sentiment of this group is very important — their willingness to reduce holdings will directly influence the subsequent trend.

Overall, the main players haven't abandoned their positions; they have just become more cautious, with chip concentration increasing. Whether the $2700 line holds or not will essentially determine if the market consolidates or enters a vacuum zone.