Ethereum Whales Ramp Up Accumulation as ETH Slides Below $2,000
Long‑term holders are buying aggressively, absorbing roughly $2.6 bn of ETH in the past week despite a 38 % price drop that left more than half of all addresses underwater.
Key takeaways
- Unrealised losses: 58 % of Ethereum addresses are now in the red, with the average holder’s cost basis around $2,580.
- Whale inflows: Accumulation wallets have taken in about 1.3 million ETH (≈ $2.6 bn) over the last five days, pushing the total balance of these addresses to a record 27 million ETH.
- Critical price zones: Below the $2,000 psychological barrier, analysts point to support around $1,800–$1,850, $1,500, $1,200 and, in a severe scenario, the $750–$1,000 range.
A sharp correction and a widening loss pool
Ethereum’s price has slipped to roughly $1,954, a level that is 60.5 % below its all‑time high of $4,950. The decline has eroded the paper gains of many institutional and retail investors. According to on‑chain data, only about 42 % of ETH‑holding addresses are currently profitable, leaving a clear majority with unrealised losses.
The average cost basis for “accumulation” addresses—wallets that repeatedly receive ETH without sending it out—stood at $2,580 before the recent dip, meaning these long‑term holders are now holding the token at a discount of roughly $600 to $700. The pressure is even more pronounced for participants in the spot Ethereum ETF, whose average entry price is estimated near $3,500, well above the current market level.
James Seyffart, senior ETF analyst at Bloomberg, noted that ETF investors are feeling the squeeze more acutely than their Bitcoin counterparts, as their average purchase price is still far above today’s market price.
Whales keep buying: $2.6 bn of ETH in five days
Despite the downward momentum, the “whale” activity that signals confidence in a future rebound is intensifying. CryptoQuant’s analytics show that accumulation wallets have taken in 1.3 million ETH in the last five‑day window, a value of roughly $2.6 bn at present rates. This inflow is part of a broader “full‑scale accumulation” campaign that began in June 2025 and has accelerated as the price fell below the realized cost of the same wallets.
“Current prices appear very attractive to ETH whales,” wrote CryptoQuant analyst CW8900 in a recent Quicktake. The total ETH held by these long‑term entities now tops 27 million, representing a 20 % increase since the start of 2026, even as the market price has dropped by about a third over the same period.
Historically, large spikes in accumulation inflows have preceded notable price rallies. For example, a record inflow of more than 380 million ETH on 22 June 2025 was followed within a month by an 85 % price surge, while a later spike in November 2025 helped spark a 25 % rally.
Price levels under watch
With ETH slipping below the $2,000 psychological support, analysts are mapping out the next tiers of resistance and support:
| Level | Reasoning |
|---|---|
| $1,800‑$1,850 | First major support after the $2,000 breach, identified by analyst Ted Pillows. |
| $1,500 | Potential next test point if the $1,800 zone fails, warned by Crypto Thanos. |
| $1,200 | Further support reflected in Glassnode’s UTXO realized price distribution. |
| $750‑$1,000 | Deep‑drawdown scenario based on monthly chart patterns highlighted by LadyTraderRa. |
Glassnode’s UTXO realized price distribution reinforces these thresholds, showing clusters of historic purchase prices around $1,880, $1,580 and $1,230. Should ETH break below $2,100, the market could see a slide toward $1,750 and subsequently $1,530, as projected by recent Cointelegraph analysis.
Outlook
The current pattern mirrors past cycles where heavy accumulation by whales preceded a reversal in price direction. While the majority of holders are locked in losses, the sustained inflow of ETH into long‑term wallets suggests that institutional and high‑net‑worth investors remain optimistic about a lower‑priced entry point.
Nevertheless, the immediate outlook depends on whether ETH can regain the $2,000 level. A failure to do so could trigger a cascade toward the $1,800 zone and beyond, testing the resilience of both retail and institutional positions. Conversely, a bounce from current levels, supported by the ongoing whale buying, could lay the groundwork for a mid‑term recovery.
The information presented here is for educational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
Source: https://cointelegraph.com/news/ethereum-holders-full-scale-accumulation-eth-price-drops-below-2k?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
