Foreign media reports that AMBCrypto states Ethereum is facing a test around $2,000. Over the past three weeks, ETH has fallen continuously, with a cumulative drop of nearly 15%. Meanwhile, the pullback in BMNR and Tom Lee-related holdings has also led the market to reassess the confidence of large ETH holders.

$2,000 becomes the short-term focus

ETH is currently fluctuating around the $2,000 level. The article states that this level has become the most important support area. If it breaks down, the market may face a deeper correction.

BMNR positions have seen significant drawdowns.

The article mentions that BitMine accumulated over 5 million ETH within a year, with a total value of approximately $10 billion, representing about 4.5% of the circulating supply. However, BMNR's stock price has fallen 90% from its peak, and the unrealized profits of Tom Lee's related portfolios have also shrunk significantly.

Whale holdings are still increasing.

Santiment data shows that wallets holding at least 100,000 ETH collectively control 17.41 million ETH, a near nine-week high. Based on this, the article argues that although prices are under pressure, large holders have not significantly withdrawn, and ETH still retains the potential for a rebound.