CryptoQuant Analyst: $2800 May Serve as Key Support Level for ETH, On-chain Data Shows Whales Accumulating

BlockBeats News, November 20th, CryptoQuant analyst MAC.D published a post stating, "Due to the uncertainty before NVIDIA's financial report, the U.S. stock market declined, leading to a synchronous drop in the crypto market, with Ethereum briefly falling to $2,870. However, NVIDIA's financial report exceeded expectations, and the U.S. stock market and crypto assets quickly rebounded thereafter.

On-chain data shows that the $2,800 region aligns closely with both retail and whale realized price clusters, potentially serving as a key support level. Retail investors are selling off, while whales (holding over 10,000 ETH) continue to accumulate, indicating a concentration of supply in the hands of long-term large holders. Long liquidations have decreased, short positions have increased, and a minor rebound may trigger a short squeeze."