Crypto market analytics platform CryptoQuant has highlighted a trend among Ethereum (ETH) holders in the last few weeks. These investors refuse to sell their ETH holdings, even with the shortfall in the price of the second-largest cryptocurrency by market capitalization.
Ethereum holders endure price plunge
In a Monday X post, CryptoQuant reported that some holders strongly believe in Ethereum. Investors have proven by their actions that they are optimistic about the project and its ecosystem. Analyst Carmelo Aleman cited how long-term holders of ETH have calmly endured a consistent price drop from $4,107 in December 2024.
However, the market took another turn on March 10 when the ETH price went below $2,000, and accumulating addresses moved into unrealized loss territory in return.
Accumulating addresses in ETH, which are usually Ethereum whales, consistently receive ETH without significant selling. Their balance often remains stable or may increase over time, regardless of whether they belong to large or small holders.
ETH Holders Refuse to Sell: Accumulating Addresses Lower Their Cost Basis
“On March 10 they held 15.5356M ETH, and by May 3 this rose to 19.0378M ETH, a 22.54% increase. Behavior reflects structural conviction & clear expectations of short-term appreciation.” – By @oro_crypto pic.twitter.com/yx12tC7N0O
— CryptoQuant.com (@cryptoquant_com) May 5, 2025
So far, cost basis has plunged, with accumulating addresses moving their Realized Price from $2,026 to $1,980 as of May 3. This reflects a 2.32% decrease since March 10. At press time, the Ethereum price traded at $1,810.63 after losing 0.94% of its 24-hour gain, per CoinMarketCap data.
Ethereum holders’ on-chain behaviors reflect their structural conviction and clear expectations of short-term appreciation, which aligns with Ethereum’s broader evolution.
Market watchers are eager to see whether this positive sentiment from ETH holders will drive the coin’s price to new levels.
Catalysts for potential Ethereum price growth
A number of events in the coming weeks could also fuel the rally in the price of ETH. Ethereum Pectra Upgrade is officially scheduled to launch on May 7.
One of the promises tied to the Pectra Upgrade is that staking will become even better, in addition to a few scalability and usability boosts in the bargain. On this premise, the price of the coin can record some uptick in favor of the accumulating addresses.
Also, Ethereum ETF flows are improving, marking a potential shift in sentiment. If sustained, the price could also feel the ripple effect.
