On November 20, CryptoQuant analyst MAC.D stated, "Due to the uncertainty ahead of NVIDIA's earnings report, the U.S. stock market declined, dragging the crypto market down as well, with Ethereum briefly falling to $2,870. However, NVIDIA's earnings report exceeded expectations, and the U.S. stock market and crypto assets quickly rebounded. On-chain data shows that the $2,800 area has a high overlap in realized prices for retail investors and whales, which may become an important support level. Retail investors are selling, while whales (holding over 10,000 ETH) continue to accumulate, indicating that supply is concentrating towards large investors in the long term. Long positions are facing liquidation declines, short positions are increasing, and a slight rebound may trigger a short squeeze."