While Ethereum’s short-term technical outlook remains shaky, long-term ETH holders are quietly making a bold statement: they’re buying more. A whole lot of more.
According to new CryptoQuant data, accumulating Ethereum addresses—wallets that keep adding to their ETH stash without selling—have increased their holdings by 22.5% in the past eight weeks. What can be said with even more confidence is that these wallets deliberately lowered their cost basis by absorbing losses along the way to double down.
This is not typical retail behavior. It’s the mark of conviction — the kind you don’t see unless there’s strong belief in what comes next.
A Quiet Accumulation Surge Since March
The tide turned back on March 10, 2025, when Ethereum’s price dropped to $1,866.70, briefly dipping below the realized price of long-term holders (LTHs) — a metric pegged at $2,026 at the time.
Rather than fold, these addresses leaned in.
By May 3, the average cost basis had fallen to $1,980, down 2.32% — not because of panic selling, but because these holders added more ETH at lower prices. Total ETH held by this group surged from 15.5 million to over 19 million, signaling a 22.5% increase in net accumulation.
“It’s a classic case of smart money accumulation,” said a CryptoQuant analyst. “When the price dips into their red zone, these holders don’t flinch — they average in.”
In essence, long-term ETH believers used the March-April price weakness as a strategic entry point. Their behavior strongly mirrors past accumulation patterns seen before major uptrends — including the 2020-2021 bull cycle.
But Near-Term Price Action Is Wobbly
Despite that bullish long-term backdrop, Ethereum isn’t exactly sprinting ahead. The token started May trading above $1,800, briefly touched $1,873, but has since slipped below key resistance at $1,820 and the 100-hourly SMA.
ETH now hovers in a dangerous zone between $1,772 and $1,824, an area where over 6.36 million ETH was purchased by more than 4.5 million addresses. This makes it a high-stakes support range — a zone of psychological and technical importance.
If ETH breaks below $1,772, the next leg down could be swift, with fewer buyers in the sub-$1,700 range to absorb the pressure. That opens the door to a retest of $1,500, a level not seen since early 2023.
So, What’s the Play?
Short-term? Expect choppiness. Ethereum is still trading inside a tight, volatile range, with macro clouds — like the upcoming FOMC meeting and broader risk-off sentiment — hovering overhead.
Long-term? The bullish case is building under the surface. The same addresses that helped stabilize ETH during the last bear market are once again quietly stacking. With Ethereum’s fundamentals strengthening — from Layer 2 adoptionto decentralized AI experiments and ZK rollups — the long-term narrative remains intact.
So while day traders sweat every $20 candle, long-term holders are writing a different story — one that’s betting on a more valuable Ethereum a year or two down the road.
