According to CryptoQuant analyst MAC.D, caution ahead of NVIDIA‘s results triggered a risk-off move in the US equity complex, with the crypto market retreating as Ethereum briefly tested the $2,870 level.

Once NVIDIA beat expectations, market momentum reversed sharply, lifting both stocks and digital assets. On-chain signals show the $2,800 zone aligning with realized price clusters for both retail investors and whales, suggesting a credible support base beneath demand.

Retail sellers remain active while addresses holding 10,000+ ETH press the supply toward long-term holders. A decline in long liquidations coupled with rising short positions leaves room for a potential short squeeze if buying pressure returns.