#以太坊生态发展 After reviewing Murphy's ETH chip analysis, I have a feeling that this wave might really be bottoming out.

The key information is these few points: $2700 is currently one of the few consensus support zones. Once it is broken, it enters a vacuum zone, and this situation has a significant impact on follow-trade strategies. More importantly, the large holders with over 100,000 ETH re-accumulated when the price retraced to $2700 on November 21—these are the ones with sharp instincts, and their actions often signal a turning point in the cycle.

179 million ETH are stacked in the $2700-$3100 range, accounting for 22.6% of the circulating supply. Such a high concentration of chips indicates that institutions have already reached a consensus. In comparison, the chips above $3100 do not pose much pressure, which is an interesting structure—market concerns are not about upward resistance but whether the support below can hold.

What does this mean for my follow-trade strategy? If you are following aggressive traders, you might need to reduce your position size now and wait for confirmation that the $2700 support is truly holding before adding more. But if you are following more conservative, institution-backed traders, you might consider increasing your follow weight—the entry points when large holders add positions are usually the lowest risk entry points.

The bottom line is: once $2700 is broken, the entire logic needs to be reevaluated. Before that, I would set my stop-loss below $2650.