Ethereum whales are increasing their holdings, with the $2,800 level emerging as a potential support, according to CryptoQuant analyst MAC.D. The recent decline in the US stock market, influenced by uncertainty before Nvidia's earnings report, led to Ethereum briefly dropping to $2,870. However, Nvidia's better-than-expected earnings spurred a quick rebound in both the stock and crypto markets. On-chain data indicates that the $2,800 price point aligns with the realized price cluster of both retail investors and whales, suggesting it could serve as a significant support level. While retail investors are selling, whales holding over 10,000 ETH are accumulating, concentrating supply among long-term holders. Additionally, a decrease in long liquidations and an increase in short positions suggest a potential short squeeze if a rebound occurs.