BlockBeats News, May 18th, on-chain data analyst Murphy posted an analysis of ETH's cost basis distribution over the past 6 months, revealing the presence of a multi-million ETH accumulation zone. For ETH to continue its uptrend, it needs to overcome three key levels.

ETH must find support around $1,500 to $1,600, a level where whales accumulated positions two years ago. Despite some selling over time, there are still nearly 1.2 million ETH held strong at this level. If this support fails and ETH drops to $1,200, these 1.2 million ETH would turn into a significant amount of underwater positions, but currently, it seems this level has been safely cleared.

After bouncing from $1,500, the first major resistance for ETH is seen between $1,800 and $1,900, a level where a whale accumulated in June 2023 and still holds around 2 million ETH. ETH has already broken through this level. So far, there are no signs of significant selling from the holders in these two cost ranges, indicating that whales are not satisfied with the current price;

Between $2,700 and $2,800, ETH has accumulated nearly 4.7 million ETH in a huge volume zone, currently at unrealized losses. However, these holders are clearly believers in ETH, as they started accumulating around $3,500 back in January 2025, kept buying the dip, and managed to lower their average cost to $2,700 to $2,800. If ETH can smoothly surpass this level, there won't be a significant cluster of underwater positions above. The largest sell pressure currently comes from around 2.27 million ETH accumulated near $1,800, gradually sold off during the price rise to $2,600, with 1.01 million ETH still held as of May 16th. This analysis is for educational purposes only and should not be considered as investment advice.