#比特币价格分析与趋势 Seeing Murphy's on-chain data analysis and the conclusions about ETH chip distribution have deepened my understanding of the current situation. The $2700 level is indeed worth paying attention to — it's not some mysterious technical support, but a solid accumulation zone of major chips, with 17.9 million ETH accounting for 22.6% of the circulating supply sitting right there.

What impressed me most is the operational logic of the whales. From February to April, they aggressively bought at around $1500; from August to October, they quickly reduced their holdings near $3500; and on November 21, during the pullback, they decisively increased their positions. These players' instincts are indeed half a beat ahead of the market. They haven't given up; they've just become more cautious — which offers great insights for follow-up strategies.

If we take the whales' position changes as follow signals, the current approach should be like this: once ETH falls below $2700 into a vacuum zone, the risk will multiply. At this point, high-leverage follow trading should decisively reduce positions or even exit. Conversely, during the $2700-3100 range oscillation, observe whether whales continue to add positions. If there are signs of accumulation, it’s worth following, but position sizing should be controlled because the density of major chips is so high that once the direction is wrong, the rebound space is actually limited.

Practice makes perfect. The recent performance of ETH will be the best test of this logic.