Long-term ETH holders are actively accumulating more, lowering their average cost basis and indicating strong bullish sentiment.
On March 10, Ethereum accumulating addresses held 15.5356 million ETH, and by May 3, it surged to 19.0378 million ETH, a 22.54% increase in under two months.
Accumulating addresses show structural conviction and expectations of short-term appreciation, with growing ETH balance and net buying behavior.
This behavior suggests growing investor confidence and smart money positioning ahead of a potential rally, with over 19 million ETH held by strong hands leading to tight supply on exchanges.