According to BlockBeats, on-chain data analyst Murphy has analyzed the cost basis distribution of ETH over the past six months, identifying significant accumulation zones that ETH must navigate to sustain its upward trend.
ETH needs to maintain support around the $1,500 to $1,600 range, a level established by whale investors two years ago. Despite some selling over time, approximately 1.2 million ETH remain held at this level. If this support fails, prices could drop to $1,200, potentially turning these holdings into trapped positions. However, this level appears to have been safely navigated.
After rebounding from $1,500, ETH encountered strong resistance between $1,800 and $1,900, a zone where whales accumulated nearly 2 million ETH in June 2023. ETH has recently broken through this resistance, and there are no significant signs of selling from these cost zones, indicating that whales are not satisfied with the current price levels.
In the $2,700 to $2,800 range, approximately 4.7 million ETH are held, currently at a loss. These holders, who began accumulating at around $3,500 in January 2025, have averaged down their costs to this range. If ETH can break through this level, there will be no significant trapped positions above. The most substantial selling pressure currently comes from the 2.27 million ETH accumulated near $1,800, with 1.01 million ETH remaining as of May 16, after gradual selling during the price rise to $2,600. This analysis is intended for educational purposes and not as investment advice.
