Ethereum bottoming at $2,800? CryptoQuant Analyst: Giant whales are buying goods, the amount of long liquidation is reduced, and the short squeeze script is about to happen.
CryptoQuant analyst MAC.D pointed out that based on on-chain indicators such as the realization of price support, continued whale scanning, reduced liquidation pressure, and overcrowding of short orders, Ethereum already has strong support around 2.8K, and rebound signals are gradually taking shape, which deserves close attention in the short term.
(Preliminary information: Wall Street is a huge threat to Ethereum! Vitalik: They are users, we are "professional users")
(Background supplement: Buterin warned that Bitcoin will be cracked in 2028: before the US election, Ethereum will need to upgrade quantum defense within four years)
Contents of this article
CryptoQuant analyst MAC.D on November 20 The latest analysis released on the same day pointed out that U.S. stocks and the cryptocurrency market fell simultaneously due to the uncertainty before the release of Nvidia’s financial report. Ethereum (ETH) once fell to $2,870, falling below its previous low again, and market sentiment quickly turned cold. However, the final results of Huida's financial report were significantly better than expected, driving a rapid rebound in U.S. stocks and crypto assets, rekindling hope in the market.
$2800 on a chain! Retail investors and whales achieve intensive price overlap
MAC.D further pointed out that the price of $2,800 is likely to be the most important on-chain support price of Ethereum at present. This area highly overlaps with the "Realized Price (Realized Price, that is, the average cost price of all currency holders)" of retail investors and whales, and historically, once such a price appears, it will usually become a stage bottom. MAC.D emphasized that this time the $2,800 level is likely to once again become a solid foundation for Ethereum to rebound in the short term.
The classic bottom signal reappears: retail investors exit the market and whales silently increase their positions
According to the "Balance by Position Value" indicator, retail wallets are continuing to sell, but whales holding more than 10,000 ETH have bucked the trend and increased their positions during the price drop. MAC.D explained that this redistribution of supply from short-term traders to long-term holders is a classic signal that is common at market bottoms.
The amount of long liquidation has dropped sharply, but the number of short orders has increased sharply. The conditions for short squeeze have matured
In addition, MAC.D further observed that when ETH hit a new local low, the amount of long liquidation has dropped significantly, indicating that the forced selling pressure is rapidly weakening; at the same time, the short position continues to expand. In the current environment of low order book liquidity, as long as the price rebounds slightly, it is very likely to trigger a chain of short order liquidations, or even evolve into a strong short squeeze scenario.
Therefore, MAC.D judges that based on on-chain indicators such as the realization of price support, continued whale sweeps, reduced liquidation pressure, and overcrowding of short orders, Ethereum already has strong support near $2,800, and a rebound signal is gradually taking shape, which deserves close attention in the short term.
