Ethereum nears key support as long-term holders eye recovery amid market volatility

Ethereum is trading near significant demand levels as volatility continues across cryptocurrency markets, new on-chain data shows. The second-largest cryptocurrency by market capitalization is hovering near short-term support following weeks of selling pressure.

Ethereum’s current price is $2,967.76. That’s down 23.4% over the past month. However, the price sits approximately 8% above the Accumulation Addresses Realized Price level — a metric representing the average cost basis of long-term investors who have acquired the asset during previous market cycles, according to CryptoQuant analyst Burak Kesmeci.

The Accumulation Addresses Realized Price level tracks the average cost basis of long-term Ethereum holders who have acquired the cryptocurrency across multiple market cycles, Kesmeci stated in the report. This investor group typically purchases during periods of market stress, according to the analysis.

Historical data shows Ethereum has fallen below this level only once, during the April period when global markets experienced heightened uncertainty. The Global Economic Policy Uncertainty Index (GEPUCURRENT) reached levels exceeding those recorded during the COVID-19 pandemic peak, the data indicated.

In 2025, approximately 17 million coins flowed into accumulation addresses, increasing the total balance held by these wallets from 10 million to over 27 million. This accumulation occurred despite widespread market volatility.

Technical analysis of Ethereum’s weekly chart shows the asset maintaining position above structural support near the 200-week moving average, a level that has marked significant price bottoms in previous cycles. The price briefly dropped below this zone last week before recovering, according to chart data.

The 50-week moving average currently serves as immediate resistance above current price levels. A move above that average would signal a potential momentum shift. At the same time, a break below nearby structural support could trigger further correction toward the Accumulation Realized Price level identified in the CryptoQuant analysis.

Market observers note the current price action resembles previous correction phases, including the April 2025 decline, when Ethereum tested long-term support levels before recovering. The convergence of technical indicators and on-chain metrics suggests current price levels are drawing attention from long-term holders and institutional participants, according to market analysts.