The most concentrated chip accumulation for Ethereum currently ranges from $2700 to $3100. Data shows that approximately 17.9 million ETH are clustered here, accounting for 22.6% of the total circulating supply—this proportion is quite significant. In this price range, market tug-of-war has become the norm. The upper barrier of $3100 has long been a difficult level to break through, while the support at $2700 remains stubborn. The dual pressure situation is unlikely to change in the short term. Market participants are generally waiting for institutions to restart after the New Year. Once liquidity becomes active, these accumulated chips are likely to become a key variable in determining the next wave of market movement. Looking ahead to 2026, volatility trading opportunities are expected to enter an active cycle.