Ethereum is trading around key demand levels as fear and uncertainty grip the broader cryptocurrency market. The second-largest cryptocurrency by market capitalization has struggled to regain bullish momentum, currently hovering near $3,150 after weeks of sustained selling pressure. However, recent on-chain data from CryptoQuant shows that Ethereum may be approaching a key accumulation zone – historically associated with long-term holder activity and market lows.
According to the report, the ETH price is currently just 8% away from reaching the realized price level for accumulator addresses of $2,895. This metric represents the average cost basis of long-term investors who have consistently accumulated ETH during previous market cycles. A move towards this level could signal the final phase of an ongoing correction, potentially sparking renewed interest from strategic buyers looking for value positions.
Historically, similar declines in the realized price of accumulation addresses have acted as sturdy support zones, leading to price stabilization and subsequent recovery. While near-term sentiment remains threatening, the proximity of this key level suggests Ethereum may soon reach a point where long-term investors begin to accumulate again – setting the stage for a potential market rebound.
Long-term holders remain unfazed
According to CryptoQuant analyst Burak Kesmeci, the $2,895 level represents the average cost basis of Ethereum’s long-term batteries – investors who have been “patiently raising funds” over multiple market cycles. This group tends to buy during periods of maximum fear, creating a stable base for future growth.
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) rose to 629 points, even exceeding the peak of the Covid-19 pandemic by 50%. Despite widespread panic, holders of long-term instruments continued to accumulate aggressively rather than sell.
In fact, approximately 17 million ETH flowed into accumulator addresses in 2025, increasing the total balance of these wallets from 10 million to over 27 million ETH. This trend underscores the belief of Ethereum’s strongest investors, who have repeatedly viewed fear sell-offs as an opportunity.
If Ethereum dropped another 8%, it would reach this cost basis 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.
Ethereum holds above key support as the market tests long-term confidence
Ethereum’s weekly chart shows that after several weeks of downward pressure, the asset remains above the key structural support zone near $3,000. The price briefly dipped below this level last week but quickly recovered to form a potential short-term base around the 200-week moving average – a historically critical line that has supported major lows in previous cycles.
Currently trading around $3,190, ETH is struggling to maintain stability in this critical range. The 50-week moving average remains just above the $3,500 level, presenting 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 is closely in line with the price realized accumulation highlighted by CryptoQuant analysts.
The recent decline reflects previous phases of market resets, such as the April 2025 correction, during which Ethereum similarly tested long-term support before mounting a sturdy rebound. The convergence of technical and on-chain data suggests that current levels are being closely watched by long-term and institutional battery holders.
Featured image from ChatGPT, chart from TradingView.com
