Here’s Why Ethereum’s Price Keeps Hitting a Wall, According to the Data

• Long-term Ethereum holders have increased their positions to a record high of over 22M ETH.
• However, data shows that price rallies are consistently met with heavy selling pressure.
• The network’s daily active user base remains stable, showing consistent engagement.

On-chain data reveals a fundamental tug-of-war defining the Ethereum market. Even as a core group of long-term investors tightens its grip, accumulating a record amount of ETH, short-term traders appear ready to sell into any significant price rally.

This growing concentration of tokens among so-called “strong hands” now stands at 22.8 million ETH, signaling a deep and sustained conviction in the network’s long-term value despite years of price volatility.

Ethereum accumulation is heating up

22.8M $ETH now held by strong hands.

This shows growing confidence in ETH's long-term potential. pic.twitter.com/JG1fSvmlB5

— Carl Moon (@TheMoonCarl) June 24, 2025

‘Strong Hands’ Are Digging In

A look back at the historical data shows a clear, multi-year trend of accumulation. Since 2017, the total balance held in these addresses has surged from under 5 million ETH to today’s record levels. 

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