Data: ETH chips accumulated 17.9 million ETH in the range of 2700 to 3100 USD, accounting for 22.6% of the total circulation

Cryptanalysis expert 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 circulation. Among them, the $2700 position has formed the highest dense area in the current chip structure, with a turnover of 4.43 million ETH, which is considered a key support level.

On-chain data shows that a large amount of capital was accumulated around $4500 in mid-September, but it failed to reduce positions afterward, and the price has since fallen to the current range. Notably, in late November, significant capital entered the market in the $2700-$2800 range, with no obvious signs of reduction so far. Additionally, on-chain behavioral analysis indicates that the chips around $3100 mainly come from long-term funds, which are insensitive to price fluctuations in the short term, but a significant price drop could trigger selling risks. Currently, the ETH price is fluctuating in the $2700-$3100 range, with institutions forming a certain consensus in this range, and selling pressure is being absorbed. However, there is still a large accumulation of chips in the $50-$396 range, which may pose risks to future price trends.