Ethereum’s recent price trajectory has closely mirrored the broader crypto market, with ETH climbing above $1,800 before pulling back as part of a wider market correction. At the time of writing, Ethereum trades at $1,754, marking a 3.3% decline over the past 24 hours, while the total cryptocurrency market capitalization dipped by 3.6% during the same timeframe.
Yet, while price movements reflect short-term volatility, on-chain data is telling a very different story—one that hints at deepening confidence among Ethereum’s most committed holders and a surge in underlying network activity.
Ethereum Long-Term Holders Accelerate Accumulation
New insights from CryptoQuant show that Ethereum’s long-term holders—wallets historically known for accumulating and never selling—have ramped up their buying. In the past 48 hours alone, these addresses received a staggering 640,000 ETH, the highest level of inflow to these wallets since 2018.
This activity suggests a strategic accumulation phase is underway among Ethereum’s most patient investors, even as short-term traders react to daily price swings. The wallets in question have a consistent history of holding rather than selling, making their behavior a strong indicator of investor conviction and long-term bullish sentiment.
CryptoQuant analyst OnChainSchool interprets this surge in ETH flowing into accumulation-only wallets as a signal that these long-term entities are positioning themselves for future upside, possibly ahead of upcoming Ethereum upgrades and ecosystem growth.
Ethereum Network Activity Sees Strong Uptick
Adding further bullish undertones, network metrics are also turning positive. According to CryptoQuant contributor Carmelo Alemán, Ethereum saw a sharp increase in user activity in recent days. From April 20 to April 22, the number of active Ethereum addresses surged by nearly 10%, jumping from around 306,000 to over 336,000.
Active addresses measure the number of unique wallets involved in sending or receiving transactions within a given period. While this metric doesn’t reveal everything about usage, when combined with other indicators, such as gas fees, transaction volume, and Layer 2 activity, it paints a picture of a blockchain seeing renewed user engagement.
A Sign of Strategic Positioning?
The convergence of high long-term holder accumulation and rising network participation may indicate a foundational phase of strength-building in the Ethereum ecosystem. Even amid market volatility, Ethereum continues to advance key fundamentals, including its proof-of-stake transition, Layer 2 adoption, and innovative staking models.
If this accumulation trend holds, Ethereum may be carving out a new support base near its current price level. Long-term investors appear to be doubling down, possibly anticipating a stronger market rebound or the success of Ethereum’s upcoming scalability and infrastructure improvements.
