ETH Chip Structure Analysis: Strong Support and Potential Risks Coexisting

On September 7, on-chain data analyst Murphy released an ETH chip structure analysis. As shown in the figure, the ETH chip structure presents an inverted F shape, meaning there is a large accumulation at low and mid-levels, but very few at high levels. The lowest range of $49 to $396 has retained 13.5% of circulating chips even after experiencing a harsh 8-year market; the range with the most accumulation is from $2425 to $2970, accounting for 23% of circulating chips, which is the strongest support range for ETH.

With the current price centered at $4,257, there are currently 7.52% chips above; the lower -20% price range (i.e., $3,405 to $4,257) only accounts for 10.1%, indicating that ETH has not completed sufficient turnover during the rapid rise and subsequent pullback. Therefore, when the ETH price continues to rise, although the trapped positions above are few, the unrealized profits of the profit-taking chips below are greater than those of SOL, leading to a theoretically larger selling pressure. This will test the consensus level among ETH's main players and old OGs. Currently, 1.39 million ETH has accumulated around $4,257, which is also an effective support level.

ETH chips remain solid even during the upward trend, showing strong confidence in holding coins. At the same time, a considerable floating profit space has been accumulated, and when profits are substantial, it is also easier to form potential selling risks. The analysis is for learning and communication purposes only and should not be considered as investment advice.