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CryptoQuant analyst: $2800 may be a key support level for ETH, on-chain data shows whales continue to accumulate.
On November 20, CryptoQuant analyst MAC.D stated, “Due to the uncertainty before NVIDIA's earnings report, the U.S. stock market declined, leading the crypto market to fall in tandem, with Ethereum briefly dropping to $2,870. However, NVIDIA's earnings report exceeded expectations, and the U.S. stock market and crypto assets quickly rebounded. On-chain data shows that the $2,800 area highly overlaps with the realized prices of retail investors and whales, which may become an important support level. Retail investors are selling, while whales (holding over 10,000 ETH) continue their accumulation, indicating that supply is concentrating towards long-term large investors. The forced liquidation of long positions has decreased, while short positions have increased, and a slight rebound may trigger a short squeeze.”