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Analysis: ETH Pullback with Incomplete Shakeout, Max Pain Range $2425-$2970
BlockBeats News, September 7th, on-chain data analyst Murphy released an ETH UTXO Distribution Analysis. As shown in the chart, ETH's UTXO distribution exhibits an inverted F pattern, with a significant accumulation at lower and mid-levels, but scarce at the higher levels. The bottom-most range of $49 to $396, after enduring a harsh 8-year market, still holds 13.5% of the circulating supply to this day; the most stacked range is $2425 to $2970, holding 23% of the circulating supply, serving as ETH's strongest support level.
With the current price at $4,257 as the center point, there is currently 7.52% of the chips above; in the -20% price range (i.e., $3,405 to $4,257), there is only 10.1%, indicating that ETH has not undergone sufficient turnover during the rapid surge and retracement. Therefore, when ETH's price continues to rise, although there are few trapped chips above, unrealized profits from chips at 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-time 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 considered as investment advice.
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