Ethereum is fighting to regain the $3,100 level as price action tightens and the market fights for a decisive move. After weeks of choppy trading, ETH remains stuck between fading bullish attempts and persistent resistance, leaving analysts very divided on what’s next. Few still expect Ethereum to regain strength and eventually challenge its all-time high, while dominant narratives point to a bearish 2026 marked by weak demand and strong liquidity conditions.
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Amid this uncertainty, CryptoQuant’s report provides a long-term perspective that cuts through the short-term noise. The analysis focuses on the Price Accumulated by Ethereum Addresses, a metric that tracks the average cost base of addresses that regularly accumulate ETH instead of continuously selling it. Unlike momentum indicators, this measure shows where long-term investors are willing to make money over the long term.
Notably, these accumulation costs have been gradually increasing since 2020. Even during the severe downturn of 2022–2023, when the price of ETH was heavily corrected, long-term holders took a large part instead of acquiescing. That behavior creates a solid foundation under the market.
Today, this realized price is stable at $2,700–$2,800, effectively creating a cost zone for Ethereum. As ETH moves above this area, the market is faced with an important question: whether this long-term support continues to stabilize the price, or if larger volatile conditions finally challenge the reign that has held for years.
Ethereum’s Long-Term Accumulation System Is Facing Critical Scrutiny
The report says the debate surrounding Ethereum is changing. The key issue is no longer whether the $2,700–$2,800 accumulation zone will continue in the short term, but whether this long-term accumulation regime can continue indefinitely. According to data from CryptoQuant, Ethereum stands out in the broader altcoin market when viewed through this lens.
As of 2022, many altcoins have suffered deeply without creating a cost base for long-term accumulation. That lack of long-term consistent buying helps explain why the recovery across the altcoin complex has been so weak and so fragile. Ethereum, on the other hand, has repeatedly shown the ability to maintain long-term owner belief in many periods of stress, including 2018, 2020, 2022, and even the volatility seen in 2025.
However, markets are volatile, and structural dominance does not last forever. Times of apparent stability are often when fundamental ideas are most vulnerable to change. From a forward-looking perspective, two situations stand out.
As long as the price of ETH is trading near or above its accumulation cost, it shows that long-term buyers remain engaged, which reinforces the stability of Ethereum compared to many altcoins. On the other hand, a sustained break below this cost zone could mean a meaningful behavioral change among long-term holders—which could challenge the idea of Ethereum permanently escaping its pre-2020 valuation framework.
In today’s environment, short-term price volatility dominates attention, but it’s this structural battle below the surface that could ultimately define Ethereum’s next big cycle.
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Price Includes Bulls Protect Area of $3,000
Ethereum is currently hovering around the $3,100 level after failing to recover higher resistance levels, indicating a market caught between stability and risk to the upside. The chart shows ETH trading under short-term and medium-term moving averages, with the 50-day and 100-day averages now acting as stronger resistance than support. This change ensures that the broader framework remains fixed following the rejection from the $4,000–$4,200 region earlier in the cycle.
Notably, the $3,000–$3,100 area has emerged as an important pivot. The price has repeatedly protected this area, suggesting the presence of demand and short-term accumulation. However, the upward momentum remained limited, as each bounce was met with selling pressure near the downward moving averages. This behavior is common in markets that are trying to build a base after a long downtrend rather than initiating a clean trend reversal.
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From a structural perspective, ETH remains above its long-term moving average, which continues to move higher. This shows that the broader trend has not yet completely collapsed, although the short-term momentum is weak. Volume has also declined during recent iterations, reinforcing the view that buyers lack confidence.
For the bulls, a sustained retest of the $3,300 level will be needed to reverse the momentum and challenge the bearish formation. Until then, Ethereum seems to be locked in a consolidation phase, with downside risks continuing if the $3,000 support fails to hold.
Featured image from ChatGPT, chart from TradingView.com
