Analyst: The re-accumulation buying power of high-level ETH addresses has been almost depleted. A strong rebound may require the market to re-establish consensus.

March 15th. On-chain data analyst Murphy released statistics on social media, indicating that the ETH chips accumulated from January to February 2025 have a holding cost ranging approximately from $3,200 to $3,500. A cluster of addresses accumulated a large amount at $3,475, with a total of 1.66 million ETH. This group did not sell during the period when ETH dropped to $1,900 but instead purchased more at the dip. Now, they hold 1.94 million ETH with a reduced cost basis of $3,150. In addition, the chips accumulated in mid-February 2025 have a cost basis ranging from $2,600 to $2,800. This group began to sell off as the ETH price fell below $2,300. Currently, only the chips bought at $2,800 and $2,630 remain unchanged, holding 1 million and 850,000 ETH respectively. As the coin price continues to decline, the new demand for ETH gradually weakens, especially when the price falls below $2,000. According to the data, there is almost no new buying power. Murphy explained that the high trapped chips went through a series of self-rescue replenishment and now seem to have exhausted their buying power. The price point of $1,850 that is currently touched is the cost price at which the large holders accumulated two years ago. When the price drops to this level, they start to replenish (buy back some of what they previously sold at a high price to average down the cost), thus creating support. If this level fails to provide support, the drop may reach the $1,600 and $1,250 price levels, which are the "support levels left from the chip accumulation three years ago." From the overall behavior of current investors, the most important thing is the re-establishment of consensus on the value of ETH. If effective consensus cannot be reached, the chips trapped at $2,630 (850k), $2,800 (1m), and $3,150 (1.945m) will all become significant resistance during the rebound.