Analysis: ETH Pullback with Incomplete Shakeout, Max Pain Range $2425-$2970

On September 7th, on-chain data analyst Murphy released an analysis of ETH UTXO Distribution. As can be seen from the chart, the UTXO distribution of ETH shows an inverted F pattern. There is a significant accumulation at the lower and middle levels, while it is scarce at the higher levels. The bottom range from $49 to $396, after experiencing a harsh 8-year market, still holds 13.5% of the circulating supply to this day. The most stacked range is from $2425 to $2970, holding 23% of the circulating supply and serving as the strongest support level of ETH. With the current price of $4,257 as the center point, there is currently 7.52% of the chips above. In the -20% price range (that is, from $3,405 to $4,257), there is only 10.1%. This indicates that ETH has not experienced sufficient turnover during the rapid surge and retracement. Therefore, when the price of ETH continues to rise, although there are few trapped chips above, the unrealized profits of the chips at the lower levels are greater compared to SOL, suggesting a larger theoretical selling pressure, which will test the degree of consensus among ETH whales and long-term holders. Around $4,257, there is an accumulation of 1.39 million ETH, serving as a significant support level. Even as ETH rises, the lower-level chips remain firm, demonstrating strong confidence in holding. However, it has also accumulated a considerable amount of unrealized gains. When profits are substantial, it is easier to generate potential selling risks. This analysis is for educational purposes only and should not be regarded as investment advice.