Data: ETH rebounded three times from the bottom, whales increased their holdings by 4.8 million coins

According to on-chain data, the ETH price has recently rebounded three times after falling below the average holding cost of a specific whale group. This metric tracks whale wallets that meet certain criteria: a single purchase of 100+ ETH, at least two purchases, never sold, a current balance of 100+ ETH, and excluding CEX addresses.

On-chain data shows that whenever the price touches this cost line, there is a strong spike in buying volume from these addresses. Since the price first reached this level on November 21, these whales have accumulated over 4.8 million ETH, accounting for 4% of the circulating supply, with their balance increasing from 22.4 million to 27.2 million ETH.

If this support level is broken, there is further support at an overall market realization price of around $2300. On-chain analysis indicates that being below the realization price means it is relatively cheap, making it attractive to investors who are optimistic about the future market.