CryptoQuant analyst: $2,800 may be a key support level for ETH, on-chain data shows whales are continuously accumulating

According to ChainCatcher, CryptoQuant analyst MAC.D stated that due to uncertainties ahead of Nvidia's earnings report, the US stock market declined, leading the crypto market to drop in tandem, with Ethereum once falling to $2,870. However, after Nvidia's earnings exceeded expectations, both the US stock market and crypto assets quickly rebounded. On-chain data shows that the $2,800 region highly overlaps with the realized price clusters of retail investors and whales, which may become an important support level.

Retail investors are selling, while whales (holding over 10,000 ETH) continue to accumulate, indicating that supply is concentrating among long-term large holders. Forced liquidations of long positions are decreasing, and short positions are increasing, so a slight rebound could trigger a short squeeze.