The accumulated cost of long-term holder addresses on Ethereum remains around $2,700–$2,800, forming a structural cost basis zone for ETH. Since 2020, this indicator has been steadily rising and has hardly been broken even during the sharp decline in 2022–2023, indicating that long-term holders are not panic selling.
In contrast to Ethereum, most altcoins ( besides Bitcoin) have not built a similar accumulation foundation, leading to deeper declines and weaker recovery potential. History shows that ETH’s accumulation cost has repeatedly passed “stress tests,” but the market can always enter a new phase.
As long as the ETH price stays above this cost zone, the structural resilience of Ethereum remains reinforced. Conversely, if the price breaks sustainably below the accumulation zone, it will signal a change in long-term holder behavior — and the assumptions of a new post-2020 valuation regime may be challenged.
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