According to on-chain data from WoofunAI, analyst Murphy pointed out that the average entry price for whales holding over 100 ETH is concentrated between $1,900 and $2,400, establishing a core support logic for the current market.

The cost structure of holders varies significantly by scale. WoofunAI's on-chain data shows that addresses holding between 100 and 1,000 ETH have an average purchase price of $1,900. For addresses with holdings between 1,000 and 10,000 ETH, the average cost rises to $2,000. Meanwhile, addresses holding between 10,000 and 100,000 ETH have an average entry price of $2,100. For top-tier holders with more than 100,000 ETH, the average cost is as high as $2,400.

When the market price falls below these averages, unrealized losses directly reshape whale trading behavior. Murphy recommends defining the $1,900 to $2,400 range as a strategic buying zone, entering when the price drops below $1,900 and pausing purchases above the upper limit.

Historical experience suggests that this strategy has a high success rate during periods of extreme market fear and when long-term holders' unrealized profits fall to zero or below, aligning with the principle of buying during pessimism and being cautious during euphoria. However, past performance does not guarantee future results, and market conditions can change rapidly.

Recently, the cryptocurrency market has experienced a notable decline, and Ethereum may struggle to recover to $2,700. Yet Murphy warns against excessive pessimism. The $1,900 to $2,400 price range provides strong support, limiting further downside. Retail investors can reference whale buying points to gauge market pressure.

Whales are attempting to hold their positions or close them to reduce average costs. Investors should conduct their own research and consider their own risk tolerance.