Analysis: The ETH pullback has not completed sufficient turnover, with the maximum accumulation range being between 2425 and 2970 dollars.

BlockBeats news, on September 7, on-chain data analyst Murphy released an analysis of the ETH chip structure. As shown in the figure, the chip structure of ETH presents an inverted F shape, indicating a large accumulation at low and mid-levels, but very little at high levels. The lowest range of $49 to $396 has held 13.5% of the circulating chips after enduring a harsh 8-year market; the range with the most accumulation is $2,425 to $2,970, accounting for 23% of the circulating chips, which is the strongest support level for ETH. With the current price centered at $4,257, there is still 7.52% of chips above; the lower -20% price range (i.e., $3,405 to $4,257) has only 10.1%, indicating that ETH has not completed sufficient turnover during the rapid pump and subsequent pullback. Therefore, when the price of ETH continues to rise, although the trapped positions above are now scarce, the unrealized gains of profit-taking chips below are greater than those of SOL, and the theoretical selling pressure will also be larger, testing the consensus level of ETH market makers and old OGs. Currently, around $4,257, 1.39 million ETH have accumulated, which is also an effective support level. Even during the pump, the low-level chips of ETH remain solid, demonstrating strong confidence in holding coins. However, it also accumulates considerable unrealized gains, which can lead to potential dumping risks when profits are substantial. This analysis is for educational and communication purposes only and should not be considered investment advice.