Opinion: The major whales in the ETH market have not given up; $2700 constitutes a consensus support level.

[Opinion: ETH's Main Whale Group Has Not Given Up; $2700 Forms a Consensus Support Zone] According to Mars Finance, on December 29th, on-chain data analyst Murphy released a year-end data analysis summary of Ethereum titled "Is ETH Still Worth Looking Forward To in 2026?" The conclusion is that the real contradiction for ETH currently lies not in the amount of tokens above, but in the dispersed structure below. $2700 is currently one of the few consensus support zones; once it is breached, the price will enter a vacuum zone lacking anchor points. The main whale group has not given up, but has become more cautious, and the concentration of tokens is still rapidly increasing and being systematically consolidated. On-chain behavior: Around September 18th, a large amount of funds built positions around $4500, and did not sell when the price surged on December 6th. Subsequently, ETH fell all the way down, and these tokens began to be gradually sold off at a loss. There are a large number of trapped positions around $3100, caused by whale groups who built positions between $2600 and $2700 from May to July this year and continued to add to their positions; their current average cost is $3100. Around November 23rd, large funds entered the buy the dips at the $2700-$2800 level, forming a dense accumulation zone of tokens, and there are currently no signs of selling. Token Structure: The most concentrated area of ​​ETH tokens is between $2700 and $3100, with 17.9 million ETH accumulated, accounting for 22.6% of the total circulating supply. The second most concentrated area is at $3100 with 4.43 million ETH. It is judged that the $3100 level is not a resistance level for a rebound, but $2700 should be a valid support level. ETH prices are fluctuating within this range due to a "consensus" among some institutions. Whale Holdings: Wallet groups holding more than 100,000 ETH are the "smartest" leaders in this cycle. During the period from February to April this year when the ETH price fell to $1500, this group was the absolute main force in increasing their holdings. Subsequently, when ETH rebounded to $3500, they began to rapidly reduce their holdings, with the selling range covering ETH's highest point from August to October. This group added to their positions again during the pullback of ETH to $2,700 on November 21.