Ethereum Accumulation Hits All-Time High as 30 Million ETH Held by Long-Term Investors

Ethereum has been relatively quiet while Bitcoin has been the center of attention. However, new data indicates that long-term holders have been quietly accumulating a significant amount of ETH, which could set the stage for a major move when market conditions improve.

According to on-chain trackers, approximately 30 million ETH is currently held in wallets that have never spent a single coin. These accumulation addresses are characterized by their one-way inflow of Ethereum, with no outgoing transactions. This marks an all-time high for this group of holders, who have been accumulating ETH despite its trading far below its peak. Many of these investors appear to be anticipating a future rally.

On-chain activity for ETH is surging. The pace at which ETH is being transferred into cold wallets has accelerated sharply over the past few months, surpassing the accumulation seen in previous cycles. Historically, such a build-up often precedes a price surge, suggesting that long-term holders are confident in Ethereum's future prospects. This confidence from major players can spark wider interest and potentially drive further price increases.

Daily transactions on the Ethereum network have reached a peak of over 1.5 million, the highest level since early 2023. This increase in on-chain transfers indicates a rise in user activity, application usage, and trading volume. High network activity can attract more traders looking to capitalize on the next wave of growth.

Despite the positive on-chain indicators, ETH is currently trading near $2,460 and faces two significant technical barriers. The 50-day moving average and the 200-day moving average are both positioned just above the current price, presenting challenges for any asset attempting to break through. Additionally, momentum indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are not yet signaling a strong buy, with the RSI around 49 and the MACD flattening out after a period of weak readings. On-balance volume remains low, indicating that major buyers are still cautious.

For ETH to continue its upward trajectory, it needs to break past the $2,600 level. If Ethereum can sustain a move above this price point, the path to $3,000 could become clearer. Traders will be closely monitoring for volume spikes and a steady move above the moving averages. If ETH fails to break through these levels, the large holders could find themselves holding onto assets that lose value.