CryptoQuant Analyst: $2,800 May Serve as Key Support Level for ETH, On-chain Data Shows Whales Continuing to Accumulate

BlockBeats News, November 20th, CryptoQuant analyst MAC.D stated in a post that "Due to the uncertainty before NVIDIA's financial report, the US stock market declined, leading to a synchronized downturn in the crypto market, with Ethereum falling to $2,870 at one point. However, NVIDIA's financial report exceeded expectations, leading to a rapid recovery in the US stock market and crypto assets thereafter.

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