Ethereum is trading around key demand levels as fear and uncertainty grip the broader crypto market. The second-largest cryptocurrency by market cap has struggled to regain bullish momentum, currently hovering near $3,150 after weeks of consistent selling pressure. However, new on-chain data from CryptoQuant reveals that Ethereum could be approaching a crucial accumulation zone – one historically associated with long-term holder activity and market bottoms.
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According to the report, the price of ETH is now only 8% away from the realized price level of accumulation addresses at $2,895. This metric represents the average cost basis of long-term investors who have steadily accumulated ETH over previous market cycles. A move towards this level could signal the final stages of the ongoing correction, potentially sparking renewed interest from strategic buyers looking for value entries.
Historically, similar declines from the realized price of accumulation addresses have acted as strong areas of support, leading to price stabilization and subsequent rallies. While near-term sentiment remains fearful, the proximity to this key level suggests that Ethereum may soon reach a point where long-term investors will begin accumulating again, setting the stage for a potential market rebound.
Long-term holders remain steadfast
According to CryptoQuant analyst Burak Kesmeci, the $2,895 level represents the average cost basis for long-term Ethereum accumulators – investors who have “patiently stacked” through multiple market cycles. This group tends to buy during periods of peak fear, forming a stable base for future rallies.
Historically, Ethereum has only fallen below this key level once, during the Trump tax and tariff crisis in April 2025, when global markets faced extreme uncertainty. The Global Economic Policy Uncertainty Index (GEPUCURRENT) jumped to 629 points, even surpassing the peak of the COVID-19 pandemic by 50%. Despite widespread panic, long-term holders continued to accumulate aggressively rather than sell.
In fact, in 2025, approximately 17 million ETH was moved to accumulation addresses, bringing the total balance held by these wallets from 10 million to over 27 million ETH. This trend highlights the conviction of Ethereum’s strongest investors, who have repeatedly viewed fear-driven selloffs as opportunities.
If Ethereum were to fall another 8%, it would reach this cost base again. Historically, this level has been one of the strongest long-term accumulation zones, signaling value and resilience. As Kesmeci notes, even if ETH briefly dips below $2,900, it is unlikely to stay there for long.
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Ethereum Holds Above Key Support as Market Tests Long-Term Confidence
Ethereum’s weekly chart shows the asset holding above a key structural support zone near $3,000, following several weeks of downward pressure. The price briefly fell below this level last week, but quickly recovered, forming a potential short-term base around the 200-week moving average – a historically significant line that has supported major lows in past cycles.
Currently trading around $3,190, ETH is attempting to maintain stability within this critical range. The 50-week moving average remains slightly above $3,500, serving as immediate resistance. A break above this level would be an early sign of renewed bullish momentum, while a loss of $3,000 could trigger a deeper correction towards $2,800 – $2,900, which closely matches the realized accumulation price highlighted by CryptoQuant analysts.
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The recent decline reflects past market reset phases, such as the April 2025 correction, during which Ethereum also tested long-term supports before rebounding strongly. The confluence of technical and on-chain data suggests that current levels are being closely watched by long-term holders and institutional accumulators.
Featured image from ChatGPT, chart from TradingView.com
