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Insight: ETH Whales Remain Strong, $2700 Level Forms Consensus Support Zone
BlockBeats News, December 29, On-chain data analyst Murphy released "Is ETH Still Worth Looking Forward to in 2026?" summarizing Ethereum's year-end data analysis. The conclusion is that the current true contradiction of ETH lies not in the chips above but in the dispersed structure below. $2700 is currently a key consensus support area, and once breached, the price will enter a vacuum zone lacking an anchor point. The main whale group has not given up but has become more cautious, with chip concentration rapidly rising and being systematically aggregated.
On-chain behavior: Around September 18, a large amount of funds were positioned around $4500, and they did not sell during the peak on December 6. Subsequently, as ETH fell all the way, these chips began to gradually exit. There is a large amount of trapped volume around $3100, accumulated by the whale group that built positions between $2600 and $2700 from May to July this year and continued to buy, resulting in an average cost of $3100 now. Around November 23, a large amount of funds entered the market to bottom fish at $2700-$2800, forming a dense chip accumulation area, with no signs of selling off so far.
Chip structure: The most concentrated area of ETH chips currently is between $2700 and $3100, accumulating 17.9 million ETH, accounting for 22.6% of the total circulation, followed by 4.43 million ETH at $3100. It is judged that the $3100 chip is not a resistance to rebound, but $2700 should be effective support. The price of ETH oscillates in this range because some institutions' "consensus" is formed here.
Whale holdings: Wallet groups holding more than 100,000 ETH are the "smartest" leaders in this cycle. When ETH's price fell to $1500 from February to April this year, this group was the absolute main force in increasing holdings. After that, when ETH rebounded to $3500, they began to sell rapidly, with the selling range covering the peak of ETH from August to October. During ETH's decline to $2700 on November 21, this group increased holdings once again.
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