According to ChainCatcher's message, on-chain data analyst Murphy posted statistics on social media platforms, stating that the cost basis of ETH positions opened between January and February 2025 is roughly between $3,200 and $3,500. There is a cluster of addresses that has been accumulating heavily at $3,475, with a total of 1.66 million ETH. This group did not sell during the ETH price drop to $1,900 and instead added to their positions at lower prices, and now holds 1.94 million ETH with an average cost basis of $3,150.

Additionally, the cost basis of positions opened in mid-February 2025 is roughly between $2,600 and $2,800. This group started to take profits as ETH price broke below $2,300, and currently only has 1 million ETH at $2,800 and 850,000 ETH at $2,630 that have not been sold.

As the price continues to decline, the new demand for ETH has been gradually weakening, and there is almost no new buying power, especially after the price dropped below $2,000.

Murphy explained that the high-cost positions have gone through a series of self-rescue replenishments, and the current buying power seems to have been exhausted. The $1,850 level touched is the cost basis of the large-scale group's positions from 2 years ago, and they will start to replenish their positions (buy back the previously sold portion to average the cost) when the price drops to this level, which will provide support. If this level cannot hold, the decline may reach $1,600 and $1,250, which are the remaining support levels from 3 years ago.

From the overall behavior of current investors, the most important thing is the re-establishment of the consensus on the value of ETH. If an effective consensus cannot be formed, the high-cost positions at $2,630 (850,000 ETH), $2,800 (1 million ETH), and $3,150 (1.945 million ETH) will all become major resistance on the path to recovery.