On February 28, according to GlassNode analysis, if the current market adjustment deepens, ETH may fall to US$1890, which is about 10% lower than the current price. Analysis shows that there is the largest accumulation below the US$1890 price, with approximately 1.82 million ETH units. These tokens were mainly purchased in August 2023, indicating the existence of a group of cyclical investors with firm beliefs. Through a two-year data analysis of ETH's cost base distribution, it is found that these investors not only began to accumulate in August 2023, but also further increased the cost base in November 2024, participated in the market rebound, and did not sell at the high point of the range. Large-scale sales. If ETH prices continue to fall,$2100 will be the next important accumulation level, but this level is only about 500,000 ETH units, well below the main support level in the $1890 area. In addition, data over the past six months shows that a group of higher-cost investors (especially around $3500) continue to participate in the market, with their costs gradually declining and concentration increasing, indicating that they may continue to absorb market supply rather than opting out.