ETH Holders Are Doubling Down and Refusing to Sell—Is a Moon Landing Imminent? 🚀

by

The Ethereum ecosystem, dear reader, finds itself awash in a positively intoxicating wave of optimism—one might say it’s as if the old ticker got into the port cupboard again. While the ETH price has flapped about like a duck in a rainstorm (down, up, then squarely sideways), the stalwart long-term holders have responded with their usual, if rather baffling, insouciance.

A brand spanking new dispatch from CryptoQuant has peered into the on-chain crystal ball and determined that “accumulating addresses”—those mysterious individuals who hoard ETH with the cold, calculating patience of a squirrel prepping for winter—have upped their stash by over 22% in a mere two months. A “renewed wave of structural conviction,” apparently, which in the financial world is what one calls doubling or even tripling down when you haven’t a clue but want to look terribly confident at dinner parties. 🍾

A Closer Look at Holder Behaviour: Squirrels, Whales, and Other Peculiar Creatures

Our friend Carmelo Alemán of CryptoQuant fame notes that after ETH reached a cycle high of $4,107 last December (and thus became the apple of many an investor’s eye), it proceeded to tumble like an overzealous juggler at the circus, ultimately landing in what experts call “unrealized loss territory”—which is fancy jargon for ‘it hurts!’ The price slid to $1,866, rustling feathers and emptying pockets, as it were.

For those unfamiliar, “Realized Price” is apparently the average at which all ETH coins crossed hands last, something your average pub-goer would describe as “I paid how much for that?”

Yet since March 10, the cumulative ETH hoard in the paws of the acquirers rose from 15.53 million to 19.03 million tokens—investors gobbling up the stuff as if there was a two-for-one offer at the corner shop. And thus, by May 3, their average price had tiptoed its way down to $1,980. All very canny, assuming the ship is indeed about to sail skywards and not sink gracelessly like an ill-fated soufflé.

“ETH investors demonstrate strong belief in the asset, project, and ecosystem,” quoth Alemán, with gusto. “Their On-Chain behavior reflects structural conviction and clear expectations of short-term appreciation.” One imagines a group of holders raising a glass, toasting their own iron will, and crossing fingers behind their backs.

Mixed Signals: The Good, the Bad, and the Shrug Emoji

This latest round of bullishness has appeared perfectly in sync with feverish technical chart-spotting and the cryptoverse’s irrepressible urge to declare breakouts every other Thursday. Renowned soothsayer Michaël van de Poppe claims Ethereum’s chart is forming a “textbook falling wedge,” a term which, frankly, sounds less like a technical pattern and more like an excuse for dropping one’s scone. 📉🍰

“ETH is consolidating before a big breakout upwards,” twitters van de Poppe. There are converging trend lines, plummeting trade volumes, and enough technical jargon to stupefy an entire cricket club, meaning—supposedly—a move is imminent. If only someone would stir the pot with a newsworthy ladle!

Meanwhile, ETH has managed to spring up 10% over the past fortnight, reaching back above the $1,800 mark. Hurrah and all that. However, before donning party hats, let’s note that the price is still lolling about over 42% lower than it was this time last year—a performance that inspires about as much confidence as an umbrella in a gale.

holders are merrily buying, technical types are crossing their fingers, and everyone else is watching the show with a cocktail in hand, waiting to see whether the next move is up, down, or just more of the same delightful muddle. 🥂

Read More

2025-05-05 19:34