Opinion: ETH whales continue to establish $2700 consensus support through strategic accumulation

BlockBeats reports, December 29, with a detailed on-chain analysis of Ethereum’s future prospects for 2026. Data analyst Murphy highlights a critical insight: the real challenge for ETH today is not coming from upper-level position holders, but from fragmented chip distribution at lower price levels.

The $2700 Zone: Where Genuine Market Consensus Forms

In the current market structure, $2700 has become one of the most important support levels that form the community of investors and institutions. If this level is broken, the price becomes vulnerable to a vacuum zone where there is no sufficient price anchor. This scenario has led to increasing caution among major whale groups, even though they have not yet surrendered their positions.

The chip density in the $2700-$3100 range has reached 17.9 million ETH, representing 22.6% of the total circulating supply. This indicates an extraordinary concentration that forms an implicit market floor. Following this is the $3100 zone with a total of 4.43 million ETH holdings.

On-Chain Accumulation Patterns: Whale Strategic Positioning

The behavioral history of whale groups holding more than 100,000 ETH reveals sophisticated market reading. From February to April this year, as ETH tested $1500 lows, this group aggressively accumulated. After the price rose toward the $3500 zone during the August-October period, they strategically sold in a distributed manner across multiple price points.

The latest signal came on November 21, when ETH returned to the critical $2700 support zone—here, this whale cohort re-initiated position-building, demonstrating their confidence in the support level.

On September 18 and subsequent trading days, large amounts of capital entered the $4500 region. This group did not exit during the December 6 rally, but as ETH continued to decline, these positioned chips gradually reduced their exposure. Meanwhile, many trapped positions formed at the $3100 level—this is the result of earlier accumulation from May to July in the $2600-$2700 price range, with an average entry cost now at $3100.

The most recent accumulation cycle occurred on November 23 and the following day, when substantial whale capital reached the $2700-$2800 zone for aggressive bottom picking. The dense chip formation resulting from this shows no signs of position reduction to date.

Market Structure and Cycle Leadership

The most important insight is that the $3100 zone should not be understood as simple resistance for recovery attempts—it is an extension of the major holding zone. The true technical support is the $2700 level, where ETH trades because an implicit institutional consensus has formed.

The current ETH price is $3.11K, with top 100 address concentration reaching 81.96% of the total supply, indicating increasing centralization of whale positions.

The primary whale ecosystem has not yet shown surrender signals, but their behavior has become more calculated and systematic. The continuous chip concentration dynamics, combined with strategic entry and exit patterns, reflect a sophisticated understanding of market cycles that form the community of institutional players in the Ethereum ecosystem.