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According to ChainCatcher report, on-chain data analyst Murphy shared statistical insights on social media, revealing that ETH holdings acquired between January and February 2025 have an average cost basis of $3,200 to $3,500. A particular address cluster accumulated heavily around $3,475, purchasing a total of 1.66 million ETH. Despite ETH dropping to $1,900, this group did not sell but instead bought more on dips, increasing their total holdings to 1.94 million ETH while reducing their average cost to $3,150. Additionally, ETH acquired in mid-February 2025 has an estimated cost basis of $2,600 to $2,800. As ETH fell below $2,300, this group began offloading their holdings, with only two price levels—$2,800 (1 million ETH) and $2,630 (850,000 ETH)—remaining unchanged. As ETH prices continue to decline, new demand has gradually weakened, especially after falling below $2,000, where data indicates a near absence of new buying interest. Murphy explained that high-cost ETH holders have exhausted their purchasing power through a series of "self-rescue" accumulation strategies. Currently, $1,850 represents a key support level, as it was the cost basis for large investors two years ago. These investors have started reaccumulating at this level, repurchasing ETH they previously sold at higher prices to lower their average cost. This could provide short-term support. However, if ETH fails to hold $1,850, the next potential support levels are $1,600 and $1,250, corresponding to price zones where ETH was heavily accumulated three years ago. From an overall investor behavior perspective, Murphy emphasized that the most critical factor is rebuilding market consensus around ETH's value. If consensus fails to form, ETH holdings trapped at $2,630 (850,000 ETH), $2,800 (1 million ETH), and $3,150 (1.94 million ETH) will act as major resistance levels, limiting any potential rebound.