#比特币技术面分析 After analyzing the distribution of ETH holdings, the data presents several interesting signals.

Currently, the $2700-$3100 range has accumulated 17.9 million ETH, accounting for 22.6% of the circulating supply. This density is indeed sufficient to support the formation of a consensus support zone. The key lies in the source of these holdings—large funds that bottomed out around November 23 show no signs of reducing their positions, while early positions built at $4500 are continuously being cut, creating a clear contrast.

From whale behavior, large holders with over 100,000 ETH were most actively adding positions in the $1500 range from February to April, and they added again on November 21. The logic is straightforward—they accumulated holdings at the bottom, moderately reduced during rebounds to higher levels, and re-entered after retesting support levels. This rhythm indicates that the main players have not given up but have become more cautious.

If the $2700 level is lost, the price could enter an area lacking anchoring points, and risks may be re-priced. The 4.43 million ETH at $3100 should not constitute a real resistance to a rebound, but the $2700 consensus zone warrants close attention. Currently, there are no obvious systemic sell signals, and holdings concentration is still increasing.