On-chain analytics firm Murphy provides a year-end assessment of Ethereum (ETH) that emphasizes structure over headline chip-level moves. The current paradox centers on the dispersed understructure rather than flashy momentum, with $2700 as the critical technical anchor. A break below this level could open a price vacuum with limited nearby liquidity.
Chip concentration remains heavily clustered in the $2700-$3100 band, home to about 17.9 million ETH, roughly 22.6% of circulating supply. The $3100 cluster is not depicted as a hard ceiling; instead, $2700 is treated as a credible support grounded in ongoing institutional consensus.
Whale holdings—wallets with more than 100,000 ETH—have acted as pivotal players this cycle. They expanded exposure as price collapsed toward $1500 earlier in the year, pared risk during the August-October rally, and renewed accumulation as ETH moved toward $2700 in late November.
In summary, near‑term risk management hinges on the $2700 support and the dense $2700-$3100 chip zone. A decisive move below support could prompt a reassessment, while a hold may offer a measured stabilization window for traders.