CryptoQuant Analyst: $2,800 May Be a Key Support Level for ETH, On-Chain Data Shows Whales Continue Accumulating

CryptoQuant analyst MAC.D stated that due to the uncertainty before Nvidia's earnings report, the U.S. stock market declined, leading to a simultaneous drop in the crypto market, with Ethereum briefly falling to $2,870. However, Nvidia's earnings report exceeded expectations, and the U.S. stock market along with crypto assets quickly rebounded. On-chain data shows that the $2,800 region has a high overlap in realized prices for 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 towards long-term holders. The forced liquidation of long positions has decreased, and short positions have increased, which may trigger a short squeeze with a slight rebound.