📊 According to on-chain data analyst Murphy (via BlockBeats), the cost basis distribution of ETH over the past 6 months highlights critical accumulation zones that ETH must navigate to maintain its upward momentum.
💡 Key Support Zones:
$1,500 - $1,600: Established by whales 🐋 two years ago, with 1.2M ETH still held at this level. If this support fails, ETH could dip to $1,200, potentially turning these holdings into trapped positions.
ETH successfully bounced from $1,500 and pushed through the $1,800 - $1,900 resistance, where whales had accumulated 2M ETH in June 2023. 📈
🚧 Next Major Resistance:
$2,700 - $2,800: 4.7M ETH held here, currently at a loss. These investors averaged down from $3,500 in Jan 2025. Breaking this level could clear the path with no major trapped positions above.
🔥 The most substantial selling pressure comes from the 2.27M ETH accumulated near $1,800, with 1.01M ETH still held as of May 16, gradually reducing as the price climbed to $2,600.
⚠️ This is for educational purposes only and not financial advice! 📚
💭 Do you think ETH will smash thr
ough $2,800 next?
