Ethereum accumulation cost keeps rising, but regime risk looms

Ethereum’s long-term accumulation cost has stabilized around the $2,700–$2,800 range, forming a structural cost zone for ETH. Since 2020, this metric has trended steadily higher and remained largely intact even during the sharp 2022–2023 drawdown, signaling that long-term holders did not capitulate.

In contrast, most altcoins (excluding Bitcoin) have failed to establish a similar accumulation base, resulting in deeper declines and weaker recoveries. While ETH’s accumulation cost has survived multiple stress tests in past cycles, markets evolve and regime shifts often emerge when conditions appear most stable.

As long as ETH trades near or above this cost zone, long-term accumulation remains intact, reinforcing Ethereum’s relative resilience. A sustained breakdown below this level, however, would indicate a behavioral shift among long-term holders and challenge the assumption that ETH has permanently moved beyond its pre-2020 valuation regime.