Ethereum's current market dynamics reveal a challenging landscape for holders, with the average cost basis at $2.2K indicating widespread unrealized losses. However, optimism persists as the next significant support level lies at $1.29K, aligning with the cost basis of whales holding over 100K Ethereum. Historical resilience was demonstrated during the Luna crisis on June 18, 2022, when Ethereum reached a low of $870 but exhibited recovery potential. This suggests that despite current pressures, Ethereum's market structure retains the capacity for future rebounds, supported by strategic whale positions.