Analysis: There is a million level chip accumulation area in ETH, and the recent maximum selling pressure comes from a location near $1800 for opening a position

According to BlockBeats, on May 18th, on chain data analyst Murphy published an article analyzing the cost base distribution of ETH in the past six months. There is a million level chip accumulation area, and if ETH continues to rise, it will need to cross three key nodes. ETH needs support around $1500 to $1600, which is the position that Whale established 2 years ago. Although it has been partially sold over time, nearly 1.2 million ETH still remain at this position and are firmly held. If the support level is breached, it may drop below $1200 and turn these 1.2 million ETH chips into a lock up. Currently, it appears that this level has been safely passed. The first strong resistance level for ETH after rebounding from $1500 is between $1800 and $1900, which was the position where Giant Whale established its position in June 2023. Nearly 2 million ETH still remain to this day, and it appears that ETH has broken through at this level. And so far, there have been no obvious signs of reducing holdings of chips in the above two cost ranges, indicating that whales are not satisfied with the current prices; ETH has accumulated nearly 4.7 million high volume chips in the range of $2700 to $2800, and is currently in a floating loss state. But the holders of these chips are obviously staunch believers. They started holding ETH at a high of around $3500 in January 2025, and then the price continued to decline and replenish their positions, finally reducing the average cost to around $2700 to $2800. If ETH can successfully break through this position, there will be no obvious concentrated area of trapped disks above. From the data, the biggest selling pressure currently comes from nearly 2.27 million ETH that have opened positions around $1800. As the price rose to $2600, they gradually sold, and as of May 16th, there are still 1.01 million ETH left. This analysis is only for learning and communication purposes and is not intended as investment advice.