[CryptoQuant Analyst: $2,800 May Be a Key Support Level for ETH, Whales Continue Accumulating]
On November 20, CryptoQuant analyst MAC.D stated that due to uncertainty ahead of Nvidia's earnings report, the U.S. stock market declined, leading to a synchronized drop in the crypto market, with Ethereum briefly falling to $2,870. After Nvidia's earnings report exceeded expectations, both the U.S. stock market and crypto assets quickly rebounded. On-chain data shows that the $2,800 region closely aligns with the realized price clusters of retail investors and whales, potentially becoming a significant support level. While retail investors are selling, whales holding over 10,000 ETH continue accumulating, with supply increasingly concentrated among long-term large holders. Forced liquidations for long positions are decreasing, while short positions are increasing, suggesting a minor rebound could trigger a short squeeze.