COINOTAG News on September 7 reported on-chain analyst Murphy’s ETH UTXO distribution analysis, which highlights an inverted F pattern with concentrated accumulation at lower and mid-tier ranges but sparse holdings at higher price bands. The $49–$396 band retains 13.5% of circulating supply, while the $2,425–$2,970 interval represents the largest cluster at 23%, identified as ETH’s primary support level. Using $4,257 as the reference price, only 7.52% of chips lie above and 10.1% sit in the -20% band ($3,405–$4,257), implying limited turnover during recent volatility. Around $4,257 there is an accumulation near 1.39 million ETH, reinforcing support, but sizable unrealized gains at lower bands could translate into potential selling pressure that tests whale and long-holder consensus. This summary reflects on-chain observations and is not investment advice.