ETH Whales Hold 1.2 Million ETH At $1,500-$1,600 Support Level

On May 18th, on-chain data analyst Murphy provided insights into ETH’s cost basis distribution over the past six months, revealing a significant multi-million ETH accumulation zone. This analysis is crucial for understanding the cryptocurrency’s market movements. For ETH to maintain its upward trajectory, it must solidify support between $1,500 and $1,600, a price point where whales accumulated substantial positions two years prior. Notably, approximately 1.2 million ETH remains steadfast at this level. A decline to $1,200 could expose many holders to significant underwater positions, although current trends suggest this support is intact.

Following a bounce back from $1,500, ETH faces key resistance between $1,800 and $1,900, a zone of whale accumulation since June 2023 with around 2 million ETH held. Importantly, the absence of notable selling signals from these holders suggests dissatisfaction with the current price levels. Additionally, between $2,700 and $2,800, nearly 4.7 million ETH has been accumulated at a time of unrealized losses. Despite this, holders have shown conviction by continuing to buy during dips, effectively lowering their average cost basis. Clear surpassing of this level may enable ETH beneficiaries to escape underwater territory. Presently, the primary selling pressure arises from 2.27 million ETH collected around $1,800, with 1.01 million ETH remaining as of May 16th.

ETH holders' cost basis reveals significant market insights, with support levels indicated at $2,500. Data highlights large holders' cost advantages, suggesting that these levels are crucial for maintaining market stability. Wallets with 10,000-100,000 ETH have an average cost basis of $1,994, and those with over 100,000 ETH have a cost basis of $1,222. ETH's price has risen above these levels, indicating strong support from large holders.

This analysis serves educational purposes only and should not be interpreted as investment advice.