Recently, there has been an interesting phenomenon—on the surface, Ethereum continues to decline, but behind the scenes, large holders are quietly accumulating. According to on-chain data, over the past three weeks, whales have accumulated approximately 1.1 million ETH, worth over $3 billion. The actions of these smart money investors seem to be hinting at something.

Speaking of the current price trend, Ethereum is actually stuck at the end of a triangle consolidation pattern, with the $3000 level becoming the main battleground for bulls and bears. Last weekend was quite dramatic—ETH briefly fell below $3000, even dipping to $2899 at the lowest, but then rebounded back above $2950. The $3000 line is indeed critical, and technically, as long as it holds, there is potential for a continued rally towards $3200. Conversely, if it breaks below, the support levels are around $2880 and $2750.

From the daily chart perspective, Ethereum has been under pressure from the descending trendline since October, with each rebound getting stuck below this line. The price is also trading below all major moving averages, with the 20-day EMA (around $3074) and the 50-day EMA (around $3249) forming immediate resistance levels. Market sentiment is currently in a state of "extreme fear," but interestingly, such extreme emotions often precede a reversal.

However, on-chain data tells a different story. Despite the weak price performance, whale wallets holding between 10,000 and 100,000 ETH have reached their highest levels in history, indicating that large investors are actively buying during this dip. More encouraging is that ETH holdings on spot exchanges are continuously decreasing, and the available supply for sale is tightening. While this supply-side change may not have an immediate impact in the short term, it is definitely worth monitoring in the long run.