BlockBeats News, March 15th, On-chain data analyst Murphy released statistics on social media, stating that the ETH chips accumulated from January to February 2025 have a holding cost ranging from approximately $3,200 to $3,500. A cluster of addresses heavily accumulated at $3,475, totaling 1.66 million ETH. This group did not sell during the process of ETH dropping to $1,900 but instead bought more at the dip, and they now hold 1.94 million ETH with a reduced cost basis of $3,150.

In addition, chips accumulated in mid-February 2025 have a cost basis ranging from $2,600 to $2,800. This group started to sell off as the ETH price fell below $2,300. Currently, only the chips bought at $2,800 and $2,630 remain unchanged, holding 1 million and 850,000 ETH respectively.

As the coin price continues to drop, the new demand for ETH gradually weakens, especially when the price falls below $2,000. According to data, there is almost no new buying power.

Murphy explained that the high trapped chips went through a series of self-rescue replenishment and now seem to have exhausted their buying power. The price point of $1,850 currently touched is the cost price at which the large holders accumulated two years ago. When the price drops here, they start to replenish (buy back some of what they previously sold at a high price to average down the cost), thus creating support. If this level fails to provide support, the drop may touch the $1,600 and $1,250 price levels, which are the "support levels left from the chip accumulation three years ago."

From the overall behavior of current investors, the most important thing is the re-establishment of consensus on the value of ETH. If effective consensus cannot be reached, the chips trapped at $2,630 (850k), $2,800 (1m), and $3,150 (1.945m) will all become significant resistance on the rebound.