Ethereum Whale Entry Prices Cluster Between $1,900 and $2,400: Analyst Murphy

Woofun AI reports that Ethereum (ETH) whale entry prices are tightly clustered within the $1,900-$2,400 range, a finding highlighted by analyst Murphy on X. This concentration of large-holder cost bases provides critical insight into potential support levels and the psychological state of significant investors during the current market downturn.

The average entry price varies distinctly by wallet size tiers. Addresses holding between 100 and 1,000 ETH show an estimated average entry of $1,900. For wallets containing 1,000 to 10,000 ETH, this figure rises to $2,000. Those with 10,000 to 100,000 ETH have an average entry of $2,100, while the largest holders—those with more than 100,000 ETH—carry an average cost basis of $2,400.

These specific levels represent the purchase prices at which significant investors accumulated their positions. When the market price falls below these averages, many whales may be sitting on unrealized losses. Such financial pressure could significantly influence their trading behavior, potentially triggering defensive moves or capitulation depending on the depth of the drawdown.

Murphy suggests that the $1,900-$2,400 range could serve as a strategic zone for investors. Buying when ETH falls below $1,900, and pausing purchases above the upper boundary, might be a reasonable risk-management approach. The analyst notes that this strategy has shown a very high success rate when combined with periods of extreme fear, particularly when long-term holders' unrealized profit and loss (PnL) dips below zero.

Woofun AI data shows that this approach aligns with the principle of buying during market pessimism and exercising caution during euphoria. While some observers argue ETH may struggle to reclaim the $2,700 level due to recent slumps, Murphy cautions against excessive pessimism. The concentration of whale cost bases suggests these levels may act as strong support, potentially limiting further downside and creating buying pressure as whales average down.

The clustering of Ethereum whale cost bases between $1,900 and $2,400 provides a useful framework for assessing potential support levels and market sentiment. While the recent downturn has raised concerns, the analyst's perspective suggests that the current range may offer a strategic entry zone for those with a long-term outlook. As always, investors should conduct their own research and consider their risk tolerance before making any trading decisions.