Odaily reports that CryptoQuant analyst MAC.D stated, "Due to uncertainty ahead of Nvidia's earnings report, the US stock market declined, dragging down the crypto market in tandem, with Ethereum briefly falling to $2,870. However, Nvidia's earnings report exceeded expectations, and both the US stock market and crypto assets subsequently rebounded quickly. On-chain data shows that the $2,800 area highly overlaps with the realized price cluster of retail investors and whales, potentially becoming a significant support level. Retail investors are selling, while whales (holding over 10,000 ETH) are continuously accumulating, indicating that supply is concentrating towards long-term large holders. Long liquidation is decreasing, while short positions are increasing; a slight rebound could trigger a short squeeze."
Analyst: ETH Whales Continue Accumulating, $2800 May Be a Key Support Level
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Source:KuCoin News
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