PANews December 29 News, crypto analyst Murphy stated that the current key contradiction for ETH lies in the dispersion of the chip structure below. Currently, the most concentrated area of ETH chips is between $2700 and $3100, with a total accumulation of 17.9 million ETH, accounting for 22.6% of the total circulating supply. Among them, the $2700 level forms the highest density area in the current chip structure, with a turnover of 4.43 million ETH, and is considered a key support level. On-chain data shows that in mid-September, a large amount of funds built positions around $4500 but failed to reduce holdings afterward, leading to a price decline to the current range. Notably, in late November, large funds bottomed out in the $2700-$2800 range, with no obvious signs of reduction at present.
Additionally, on-chain behavior analysis indicates that chips near $3100 mainly come from long-term funds, which are insensitive to short-term price fluctuations, but a significant price drop could trigger a selling risk. Currently, ETH price fluctuates between $2700 and $3100, with institutions forming a certain consensus in this range, providing some support against selling pressure. However, there is still a large accumulation of chips in the lower range of $50-$396, which may pose hidden risks to subsequent price movements.
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