Analysis: ETH has a million-level chip accumulation area, with the recent maximum selling pressure coming from build a position addresses around 1800 USD.

BlockBeats News, on May 18, on-chain data analyst Murphy published an article analyzing the distribution of ETH's cost base in the past 6 months, there are millions of chip accumulation areas, and ETH needs to cross three key nodes if it continues to rise. ETH needs to find support around $1,500 to $1,600, where whales opened their positions 2 years ago, and although they have partially sold off over time, there are still nearly 1.2 million ETH in this position and holding firmly. If this support level is broken, it may fall to $1,200, and it will turn the huge amount of 1.2 million ETH chips into a hedge, which seems to have passed safely. The first strong resistance level after ETH rebounded from $1,500 is $1,800 to $1,900, which is where the whale opened its position in June 2023, and there are still nearly 2 million ETH left, and it seems that ETH has broken through at this level. And so far, the chips in the above two cost ranges have not shown obvious signs of reducing their holdings, indicating that the whale is not satisfied with the existing 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.