COINOTAG News reported on March 15th, with insights from on-chain analyst Murphy revealing critical metrics on Ethereum (ETH) holdings. The analysis shows that ETH accumulated between January and February 2025 has a holding cost between $3,200 and $3,500, with a significant concentration of addresses accruing 1.66 million ETH at $3,475. This group opted not to liquidate their positions even as ETH plummeted to $1,900, choosing instead to increase their holdings to 1.94 million ETH and lower their cost basis to $3,150.
Furthermore, ETH collected in mid-February showed a cost basis of approximately $2,600 to $2,800, with early selling occurring below $2,300. Currently, only the chips acquired at $2,800 and $2,630, totaling 1 million and 850,000 ETH respectively, remain in their original positions. A decline under $2,000 has resulted in diminished demand, reflecting weak buying power as new investors hesitate.
Murphy notes that significant holders, after an extensive self-rescue strategy, appear to be exhausting their buying capacity. The latest touchpoint at $1,850 aligns with prior accumulation costs from two years ago, prompting potential re-buying to average down costs. Should support at this level falter, downturns could test historic support levels at $1,600 and $1,250. Ultimately, the vital task for investors remains reaching a consensus on ETH’s valuation to avert further resistance from accumulated chips.