According to BlockBeats, on March 15th, on chain data analyst Murphy released statistical data on social media stating that the holding cost of ETH chips opened from January to February 2025 is roughly between $3200 and $3500. There is an address cluster that is intensively increasing its holdings at $3475, totaling 1.66 million ETH. This group did not sell during the process of ETH falling to $1900 and increased their position on dips. Currently, they hold 1.94 million ETH, with costs reduced to $3150.
In addition, the cost of building a warehouse in mid February 2025 is roughly between $2600 and $2800. As the ETH price fell below $2300, this group began to cut back on their holdings. Currently, only chips at the $2800 and $2630 price levels remain unchanged, holding 1 million and 850000 ETH respectively.
As the coin price continues to decline, the new demand for ETH gradually weakens, especially when the price falls below $2000, according to data, there is almost no new purchasing power.
Murphy explained that after a series of self rescue measures to replenish positions, it seems that the purchasing power of the high-level locked in chips has been exhausted; The current touch of $1850 is the cost price at which the large group established their position 2 years ago. When the price drops to this point, they begin to replenish their position (buying back the previously high selling portion to spread the cost), thus forming a support effect. If the price cannot form support, the decline may touch the $1600 and $1250 levels, which are the remaining support levels from the chip pile up three years ago.
From the overall behavior of current investors, the most important thing is the consensus reconstruction of ETH value. If effective consensus cannot be formed, the chips currently stuck at high levels such as $2630 (85w), $2800 (100w), and $3150 (194.5w) will become significant obstacles on the rebound path.
