ETH's Three Life-and-Death Challenges: Once Overcome, Is There Really No Ceiling?
On-chain analyst Murphy points out that in the distribution of ETH holdings over the past six months, there are three key levels. If we really want to start a major rally, we need to overcome them one by one:
1️⃣ $1,500~$1,600:
This was the accumulation zone for whales two years ago, with 1.2 million ETH still lying idle. Recently, it has held steady after a pullback.
2️⃣ $1,800~$1,900:
In June last year, another 2 million coins entered the market, and this wave of increase has broken through. However, these holdings have not been reduced, indicating that the main players are not satisfied with this level of increase.
3️⃣ $2,700~$2,800:
This is currently the largest trapped position, with 4.7 million ETH buried, with an average price at this level. The holders are old investors who have been averaging down from the $3,500 high and need to wait to break even to take profits. But once ETH breaks through this level, the area above is truly uncharted territory.
From the wave bought at $1,800, there are still 1.01 million coins that have not been sold, which is currently the largest source of selling pressure.
