Ethereum is still at $2,700–$2,800: why long-term investors see this range as not invulnerable but strategically crucial

CryptoQuant’s research continues to shed light on the behavior of whales and long-term holders of Ethereum, revealing how the “Realized Price of Addresses in Accumulation” functions as a compass to understand where patient investors are willing to build positions. This metric, which tracks the average cost supported by wallets that accumulate ETH without actively trading it, has today reached a well-defined structural position on the chart: the $2,700–$2,800 range represents a psychological and technical anchor where many on-chain analysts identify the true demand floor.

At the time of writing, Ethereum is trading around $3.37K, approximately 15-20% above this historic accumulation zone. While this margin may seem comfortable, the reality is more nuanced: the gap is small enough that an unexpected correction could quickly test ETH’s psychological support at $2,700–$2,800, but also wide enough that the price maintains some distance from panic.

The history of on-chain data: how Ethereum has built a structural base

According to CryptoQuant’s historical analysis, the Realized Price for accumulation addresses has been rising uninterrupted since 2020. This progress is not accidental: it reflects the track left by the determination of long-term holders who, even during the most dramatic crashes of 2018 and especially 2022–2023, refused to sell in panic. When Ethereum’s spot price plunged to the lows of the previous cycle, the accumulation cost remained intact, signaling an unshaken conviction among disciplined investors.

This resilience during crises is what today sets Ethereum apart from many altcoins. While Bitcoin and Ethereum have developed robust and verifiable accumulation cost bases over time, most alternative tokens have never built a comparable structure. The result? Drawdowns in the altcoin sector are historically more severe, and recoveries more tepid, creating a market divergence that continues to penalize smaller projects.

What the $2,700–$2,800 zone really represents

Traders and portfolio managers should not interpret this range as an automatic stop-loss, but rather as a thermometer of collective behavior. As long as the price remains near or above this zone, evidence suggests active accumulation continues and Ethereum’s structure maintains intrinsic strength relative to altcoins. It is a space where confidence in long-term demand is not invulnerable—nothing in the market is—but it remains significant.

A sustained and durable breakdown below $2,700–$2,800 would change everything. It would signal a regime shift: long-term holders selling instead of accumulating. In such a scenario, the loss of confidence in patient demand could trigger a cascade of distrust in related altcoins, amplifying damage across the sector.

The role of macro volatility and Bitcoin flows

However, Ethereum should not be isolated from the broader context. Bitcoin remains the primary narrative driver of crypto markets: recent BTC movements, oscillating between $80k and $90k, continue to exert constant pressure on risky assets, including ETH. Volatility related to macroeconomic data and inflows or outflows from spot products can push Ethereum toward the accumulation zone rapidly.

That’s why traders and allocators simultaneously monitor both on-chain metrics and macroeconomic signals: neither can be ignored. A short-term correction related to macro cycles could test the $2,700–$2,800 support, but not invalidate the structural thesis if accumulation addresses continue to behave disciplined.

What all this means for investors

The narrative of the Realized Price of Addresses in Accumulation offers a more precise language to frame risk. It is not a prediction; it is a map of where patient participants feel comfortable increasing exposure. As long as Ethereum remains near that range, the market structure remains constructive, and long-term buyers indicate that the game remains interesting. If the price falls and stabilizes below, the interpretation should be one: holder behavior has changed, the regime has shifted, and the probabilities of a prolonged reset in the crypto sector increase significantly.

In summary, the $2,700–$2,800 range is not magical, but it provides traders and investors with a concrete level to monitor as the market develops. Ethereum’s current structure remains more robust than most altcoins, but nothing remains invulnerable in a constantly evolving market.