Ethereum holders are in a state of 'full-scale' accumulation as the price of ETH plummets below $2,000. This surge in accumulation addresses, which have been absorbing around $2.6 billion in ETH over the past five days, suggests a growing confidence in Ether's long-term price trajectory despite its recent drop. However, the situation is not without its complexities. While 58% of Ether addresses are now in the red, with Ether's price dropping 38% over the last month, the accumulation addresses are holding strong. These addresses, which may belong to long-term holders, institutional investors, or entities strategically accumulating Ether, have absorbed a significant amount of ETH, reaching a record 27 million. Despite the sharp downturn, investor confidence has not fully eroded. However, the current market price of Ether is below the average cost basis of accumulation addresses, putting long-term holders under strain. ETF investors are also feeling the pressure, with Ethereum ETF holders in a worse position than their Bitcoin counterparts. As the price of ETH hovers below $2,000, the next key levels to watch are around $1,800-$1,850 and $1,500. However, some analysts predict that Ether is 'definitely going' to retest the $750-$1,000 zone based on past price action. The key support levels for ETH below $2,000 are at $1,880, $1,580, and $1,230, according to Glassnode's UTXO realized price distribution (URPD). The situation is complex, and the future of Ethereum is uncertain. But one thing is clear: the accumulation addresses are holding strong, and the price of Ether is likely to remain volatile in the coming days.
