On-chain data analyzed by Murphy suggests ETH faces key resistance levels while navigating a complex market landscape. He identified significant accumulation zones, particularly around the $1,500 to $1,600 range where over 1.2 million ETH remain. If this support holds, ETH prices could continue rising; however, failure could potentially lead to price drops to $1,200, leading to trapped positions for some investors. 2.27 million ETH accumulated near $1,800 recently showed signs of selling pressure as it broke through the resistance zone around this level. 4.7 million ETH currently held in the $2,700 to $2,800 range are at a loss, with those who started accumulating around $3,500 in January 2023 now holding costs in this range. A successful price breakthrough beyond this point could alleviate trapped positions above. The analysis serves as educational material and should not be interpreted as investment advice.