Data: 17.9 million ETH have accumulated in the $2,700 to $3,100 price range, representing 22.6% of the total circulating supply.

[Data: 17.9 Million ETH Coins Accumulated in the $2700-$3100 Range, Representing 22.6% of Total Circulating Supply] According to Mars Finance, crypto analyst Murphy stated that the key issue for ETH currently lies in the dispersed nature of its underlying token structure. The most concentrated area of ​​ETH tokens is currently between $2700 and $3100, with a cumulative accumulation of 17.9 million ETH, representing 22.6% of the total circulating supply. The $2700 level forms the highest concentration area in the current token structure, with a turnover of 4.43 million tokens, and is considered a key support level. On-chain data shows that a large amount of capital was established around $4500 in mid-September, but subsequently failed to reduce holdings, leading to a price drop to the current range. It is worth noting that large funds buy the dips in the $2700-$2800 range in late November, and there are currently no obvious signs of them reducing their holdings. Furthermore, on-chain behavior analysis shows that the tokens around $3100 mainly come from long-term funds, which are not sensitive to short-term price fluctuations, but a sharp price drop could trigger a sell-off. Currently, the ETH price is fluctuating between $2700 and $3100, and institutions have reached a certain consensus within this range, thus absorbing some selling pressure. However, there is still a large accumulation of tokens in the $50-$396 range below, which may pose a risk to future price movements.