Ethereum (ETH) Price: Testing Key Support at $2,950 While Maintaining Above 200-Week Moving Average

TLDR

• Ethereum (ETH) is trading at $2,967.76, down 23.4% over the past month, testing critical support levels
• Long-term holders accumulated 17 million ETH in 2025, increasing holdings from 10 million to 27 million coins
• Price sits 8% above the Accumulation Addresses Realized Price, a key metric for long-term investor cost basis
• Technical indicators show ETH maintaining position above 200-week moving average while facing resistance at 50-week moving average
• Immediate support levels are at $2,950 and $2,880, with resistance at $3,150 and $3,260

Ethereum is trading near $2,967.76 as the cryptocurrency tests critical support levels following weeks of selling pressure. The second-largest cryptocurrency by market capitalization has declined 23.4% over the past month.

The current price sits approximately 8% above the Accumulation Addresses Realized Price level. This metric represents the average cost basis of long-term investors who have acquired Ethereum during previous market cycles, according to CryptoQuant analyst Burak Kesmeci.

Long-Term Holders Increase Holdings

Data shows that 17 million Ethereum coins flowed into accumulation addresses in 2025. These wallets increased their total balance from 10 million to over 27 million coins during this period.

The Accumulation Addresses Realized Price tracks the average cost basis of investors who typically purchase during periods of market stress. These holders have acquired Ethereum across multiple market cycles.

Historical data indicates Ethereum has fallen below this accumulation level only once. That occurred during April when the Global Economic Policy Uncertainty Index reached levels exceeding those recorded during the COVID-19 pandemic peak.

The accumulation by long-term holders has continued despite widespread market volatility throughout 2025. These investors appear to view current price levels as attractive entry points.

Technical analysis reveals Ethereum maintaining position above structural support near the 200-week moving average. This level has marked price bottoms in previous cycles.

The price briefly dropped below this zone last week before recovering. The 50-week moving average currently serves as immediate resistance above current price levels.

Technical Indicators Show Mixed Signals

Ethereum failed to stay above $3,150 and extended losses below the $3,000 psychological level. The price dipped as low as $2,955 before attempting a recovery.

A bearish trend line has formed with resistance at $3,150 on the hourly chart. The cryptocurrency is trading below the 100-hourly Simple Moving Average.

If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside sits near the $2,950 level.

The first major support zone is near $2,880. A clear move below this support might push the price toward $2,750.

On the upside, the first major resistance is near $3,260. This level coincides with the 50% Fibonacci retracement of the recent decline from $3,562 to $2,955.

A clear move above $3,260 resistance might send the price toward $3,350. An upside break above $3,350 could trigger gains toward $3,450 or $3,500.

The hourly MACD indicator is gaining momentum in the bearish zone. The RSI for ETH/USD has dropped below the 50 zone.

Market observers note the current price action resembles previous correction phases. This includes the April 2025 decline when Ethereum tested long-term support levels before recovering.

The convergence of technical indicators and on-chain metrics suggests current levels are attracting attention from long-term holders. Institutional participants are also monitoring these price zones according to market analysts.

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