Even as Ethereum’s price tested lows around the $1,400 level, wallets designated for accumulation experienced unprecedented inflows, reaching volumes unsurpassed since 2018 over the last ten days.
A remarkable peak occurred on April 22, when an all-time high of 449,000 Ether, valued at approximately $785 million (using an average price of $1,750 for that day’s transfers), flowed into these specific addresses.
Historic Accumulation vs. Holder Profitability
Such significant buying activity points to enduring confidence among long-term Ethereum stakeholders regarding the network’s future potential, despite the recent price depreciation.
A closer look reveals a complex picture for these accumulators.
The collective “realized” price”—essentially the average cost basis for the ETH held in these accumulation wallets—currently stands at $1,981.
With the market price trading below this average, it signifies that a substantial portion of these long-term-focused holders are currently sitting on unrealized losses.
Network Health Indicators Show Divergence
While accumulation signals strength, other network metrics present a mixed view.
On-chain activity registered a positive note recently, with the count of active Ethereum addresses climbing 10% between April 20 and 22 (from 306,211 to 336,366).
This uptick in network usage, coinciding with some price recovery, might suggest growing user engagement and a potential rekindling of bullish sentiment.
Crucial Resistance Looms at $1,895
Looking at Ethereum’s price chart, a significant barrier appears poised at the $1,895 level.
Analysis using Cost Basis Distribution (CBD) heatmaps pinpoints this price as a major supply concentration zone, where approximately 1.64 million ETH were acquired, notably during November 2024.
This density suggests $1,895 could act as formidable resistance, potentially triggering sell-offs as investors seek to exit positions at break-even or capture minor profits.
Also Read: Ethereum Underperforms Top 5 Cryptos in 2025 Downtrend
