On-chain data analysis by Murphy reveals Ethereum’s (ETH) chip structure, highlighting a notable inverted F-shape. While accumulation is prominent at lower and mid-price levels, minimal activity exists at higher price points. The lowest range between $49 and $396 still holds 13.5% of circulating chips, demonstrating enduring support despite challenging market conditions. The most accumulated zone lies between $2,425 and $2,970, accounting for 23% of circulating chips, making it ETH’s strongest support area. Currently hovering at around $4,257, chips above this level constitute 7.52%, while the range below, from $3,405 to $4,257, holds a smaller percentage (10.1%). This signifies limited turnover during price fluctuations. As ETH prices continue to climb, despite the scarcity of holdings above $4,257, the unrealized profits within lower-priced chips are substantial, potentially leading to increased selling pressure upon realizing profits. This dynamic presents a test for Ethereum’s major players and long-term holders. Approximately 1.39 million ETH are accumulated near the $4,257 mark, providing effective support. The analysis offers educational insights but should not be interpreted as investment advice.