Ethereum Holds $2,800 Support as Whales Accumulate Amid Nvidia Earnings Volatility

Ethereum briefly fell to $2,870 on Nov. 20 amid uncertainty over Nvidia's earnings report, which initially pressured U.S. equities and crypto markets, CryptoQuant analyst MAC.D said. Both markets rebounded swiftly after Nvidia posted better-than-expected results. On-chain data show the $2,800 level aligns with realized price clusters for retail and whale holders, potentially serving as key support. While retail investors have been selling, whales holding over 10,000 ETH continue accumulating, concentrating supply among long-term large holders. Declining long liquidations and rising short positions suggest a potential short squeeze on minor rallies.