PANews reported on December 29th that crypto analyst Murphy stated the key issue for ETH currently lies in the dispersed nature of its underlying token structure. The most concentrated area of ETH tokens is currently between $2700 and $3100, with a total accumulation of 17.9 million ETH, representing 22.6% of the total circulating supply. The $2700 level forms the highest concentration area in the current token structure, with a turnover of 4.43 million tokens, and is considered a key support level. On-chain data shows that a large amount of capital was established around $4500 in mid-September, but subsequently failed to reduce holdings, leading to a price decline to the current range. It is worth noting that large funds bought the dip in the $2700-$2800 range in late November, and there are currently no obvious signs of them reducing their holdings.

Furthermore, on-chain behavior analysis shows that the tokens around $3100 mainly come from long-term funds, which are not sensitive to short-term price fluctuations, but a sharp price drop could trigger a sell-off. Currently, the ETH price is fluctuating between $2700 and $3100, and institutions have reached a certain consensus within this range, resulting in some absorbing selling pressure. However, there is still a large accumulation of tokens in the $50-$396 range below, which may pose a risk to future price movements.