BlockBeats news, on May 18, on-chain data analyst Murphy published an analysis of the cost basis distribution of ETH over the past 6 months, indicating that there is a chip accumulation zone at the million level, and ETH needs to pass through three key nodes to maintain its rise.

ETH needs to find support around $1,500 to $1,600, which is the accumulation position of whales two years ago. Although some have been sold off over time, nearly 1.2 million ETH still remain at this position and are firmly held. If this support level is lost, it could drop to $1,200, which would turn these 1.2 million ETH into trapped positions. Currently, it appears that this level has been safely passed.
The first strong resistance level for ETH after rebounding from $1,500 is between $1,800 and $1,900. This position is where whales built their positions in June 2023, and nearly 2 million ETH remains there to this day. Currently, ETH has broken through this level. Furthermore, up to now, there have been no obvious signs of reduction in positions in the above two cost ranges, indicating that whales are not satisfied with the current price.
ETH has accumulated nearly 4.7 million chips in the $2,700 to $2,800 range and is currently in the red. However, the holders of these chips are clearly strong believers, and this part of the holders opened positions from a high of around $3,500 ETH in January 2025, and then the price fell all the way and covered all the way, finally reducing the average cost to around $2,700 to $2,800. If ETH can successfully break through this position, there will be no obvious hedging area above. In terms of data, the biggest selling pressure at the moment came from the nearly 2.27 million ETH that opened positions around $1,800, and the price gradually sold as the price rose to $2,600, leaving 1.01 million as of May 16. This analysis is for educational purposes only and is not intended as investment advice.