Ethereum Long-Term Holders Accumulate 22% More ETH Amid Price Weakness, Signaling Market Shift
Over the past two months, Ethereum (ETH) has seen a notable shift in on-chain behavior. According to The Coin Republic, citing CryptoQuant data, wallets classified as long-term holders expanded their ETH balances from 15.53 million ETH on March 10 to 19.03 million ETH by May 3 — a 22% increase.
This accumulation occurred during a period of price decline, suggesting that long-term holders continued to buy despite short-term losses. On March 10, ETH was priced at $1,866.70, while the average purchase price of these wallets stood at $2,026. Continuous buying has since lowered their average entry point to $1,980.
Ethereum is currently trading between $1,783 and $1,831, facing key resistance at $1,941. Market momentum remains neutral, with an RSI of 54.63, indicating neither overbought nor oversold conditions. Trading volumes have been on the rise since mid-April, reflecting a potential shift in market sentiment.
The derivatives market also shows strengthening bullish bias toward Ethereum. Futures trading volume surged over 26% to reach $46.3 billion, while options volume spiked 75% to hit $357 million. Major exchanges report that traders are increasingly taking significant long positions.
Additionally, the Ethereum network is preparing for its Pectra upgrade, scheduled for May 7. The upgrade will raise validator staking limits and improve network throughput and efficiency. Analysts suggest these structural changes indicate Ethereum is approaching a critical inflection point.
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