#比特币价格分析与趋势 Looking at this on-chain data analysis, I am reminded of the story from the 2017 cycle. Back then, we debated whether Bitcoin was a bubble on various forums, and now the same script is playing out with Ethereum—only the roles have changed, but the logic is becoming clearer.

The $2700 level is not just a random number. You can read the market’s true intentions by observing where the chips are accumulating. The large holders who built positions between $2600-$2700 in May, then continued to add and average down to $3100, are telling a story—their intention has never been to give up. The smartest part is that when the price retreated back to $2700 on November 21, this group of investors entered the market again.

This isn’t some mysterious technical support; it’s a real game of chips. 17.9 million ETH are stacked between $2700 and $3100, accounting for 22.6% of the circulating supply. This density is enough to form a consensus. History shows that when such a high concentration of chips exists, a breakdown often comes with catastrophic liquidity shocks.

I believe the key issue isn’t the amount of sell orders above, but the fact that the support below is truly dispersed. Once the $2700 level is broken, there will be no solid anchor points left. But judging by whale behavior, they still seem to be betting that this line can hold. This patience and caution, to some extent, is a sign of a cycle bottom.