Ethereum accumulation addresses have witnessed a surge in daily inflows since Friday, suggesting growing confidence in Ether’s (ETH) long-term price trajectory despite its latest drop below $2,000.

Key takeaways:

• Ether’s drop below $2,000 has left 58% of addresses with unrealized losses.

• Accumulation addresses have absorbed about $2.6 billion in ETH over five days.

• Key Ether levels to watch below $2,000 include $1,800, $1,500, $1,200, and potentially $1,000-$750 in extreme scenarios.

58% of Ether addresses are now in the red

Ether’s 38% drop over the last month has seen it fall below key support levels, including the average entry price of accumulation addresses, the cost basis of spot Ethereum ETF investors, and the psychological level at $2,000. 

The ETH/USD pair now trades 60.5% below its all-time high of $4,950, leaving a significant portion of holders underwater. This includes BitMine, the world’s largest Ethereum treasury ​​linked to investor Tom Lee, which saw its paper losses swell to over $8 billion.

Related: Large demand zone below $2K ETH price gives signal on where Ether may go

With ETH trading at $1,954 on Wednesday, only 41.5% Ethereum addresses are in profit, while over 58% are in the red.

Ether’s current market price is also below the average cost basis of accumulation addresses currently at $2,580, suggesting that long-term holders are increasingly under strain. 

ETF investors are also feeling the pressure. James Seyffart, senior ETF Analyst at Bloomberg, highlighted that Ethereum ETF holders are currently in a worse position than their Bitcoin counterparts. 

With ETH hovering below $2,000, the altcoin trades well below the estimated average ETF cost basis of about $3,500.

Ether accumulation absorbs 1.3 million ETH in five days

Despite the sharp downturn, investor confidence has not fully eroded. Data from CryptoQuant showed Ethereum accumulation addresses have received 1.3 million Ether worth about $2.6 billion at current rates. 

 The “full-scale accumulation” of ETH began in June 2025, and is “proceeding even more aggressively,” CryptoQuant analyst CW8900 said in Wednesday’s Quicktake analysis, adding:

“​​The current price will likely appear attractive to $ETH whales.”

As a result, the total ETH held by these long-term holders has reached a record 27 million. That marks a 20.36% gain so far in 2026 despite the ETH price declining 34.5% over the same period.

Accumulation addresses are wallets that continuously receive ETH without making any outgoing transactions. They may belong to long-term holders, institutional investors, or entities strategically accumulating Ether rather than actively trading.

Large spikes in inflows to these addresses often signal strong confidence in Ether’s long-term potential, with past trends showing that such surges frequently precede price rallies.

For example, on June 22, 2025, Ethereum accumulation addresses recorded a then-all-time high daily inflow of over 380,000 ETH. Nearly 30 days later, ETH’s price rose by almost 85%. A 25% price rally followed November 2025’s inflow spike into the accumulation addresses.

Key ETH price levels to watch below $2,000

The ETH/USD pair extended its losses below $2,000, a key support level, which the bulls must reclaim to prevent further downside.

“$ETH failed to hold above the $2,000 level and is now going down,” crypto analyst Ted Pillows said in an X post on Wednesday, adding:

“The next key level is around the $1,800-$1,850 level if Ethereum doesn’t reclaim the $2,000 level soon.”

Fellow analyst Crypto Thanos shares similar views, telling followers to “get ready” for a $1,500 ETH price if $2,000 is not reclaimed by the end of the week.

Zooming out, LadyTraderRa said Ether is “definitely going” to retest the $750-$1,000 zone, based on past price action on the monthly candle chart. 

Glassnode’s UTXO realized price distribution (URPD), which shows the average prices at which ETH holders bought their coins, reveals that below $2,000, key support levels for ETH sit at $1,880, $1,580 and $1,230.

As Cointelegraph reported, the ETH/USD pair could drop to $1,750 and then $1,530, after failing to hold above $2,100.