Ethereum approaches historical accumulation levels – just 8% off LTH cost basis
Ethereum is trading around key demand levels as fear and uncertainty grip the broader cryptocurrency market. The second-largest cryptocurrency by market capitalization is struggling to regain bullish momentum, currently hovering near $3,150 after weeks of sustained selling pressure. However, new on-chain data from CryptoQuant shows that Ethereum may be nearing a critical accumulation zone historically associated with long-term holder activity and market bottoms.
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According to the report, ETH price is only 8% away from reaching the current cumulative address realized price level of $2,895. This indicator represents the average cost basis for long-term investors who have steadily accumulated ETH over previous market cycles. A move to this level could signal the final stage of the ongoing correction and potentially attract renewed interest from strategic buyers looking for value items.
Historically, similar declines in realized prices of accumulated addresses have served as strong support zones, leading to price stabilization and subsequent recovery. 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 once again, setting the stage for a potential market rebound.
Long-term holders are unwavering
According to CryptoQuant analyst Burak Kesmeci, the $2,895 level represents the average cost basis for long-term Ethereum accumulators, i.e. investors who have “patiently built up” through multiple market cycles. This group tends to buy during periods of greatest fear, forming a stable base for future rallies.
Historically, Ethereum has fallen below this key level only once, during the Trump tax tariff crisis in April 2025, when global markets faced extreme uncertainty. The Global Economic Policy Uncertainty Index (GEPUCURRENT) soared to 629 points, exceeding 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 accumulated into the address, increasing the total balance held by the wallet from 10 million ETH to over 27 million ETH. This trend highlights the confidence of Ethereum’s most powerful investors, who have repeatedly seen fear-driven selling as an opportunity.
If Ethereum falls another 8%, it will once again reach this cost threshold. Historically, this level has acted as one of the strongest areas of long-term accumulation, indicating value and resilience. As Kesmeci points out, even if ETH briefly falls below $2,900, it is unlikely to stay at that level for long.
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Ethereum holds above key support as the market tests its long-term confidence.
Ethereum’s weekly chart shows that the asset remains above key structural support near $3,000 after several weeks of downward pressure. Prices briefly fell below this level last week, but quickly recovered and formed a potential short-term base around the 200-week moving average. This is a historically important line that has supported major bottoms 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 and acts as immediate resistance. A break above this level would be an early sign of renewed bullish momentum, and a $3,000 loss could trigger a deeper correction towards $2,800-$2,900, closely aligned with the cumulative realized price highlighted by CryptoQuant analysts.
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The recent decline reflects past market reset phases, such as the April 2025 correction, which similarly tested long-term support before Ethereum rebounded strongly. The convergence of technical and on-chain data suggests that long-term holders and institutional accumulators are watching current levels closely.
Featured image from ChatGPT, chart from TradingView.com
