Ethereum attracts accumulators despite 28% drop since January

Despite a 28% drop since January, Ethereum keeps the market’s attention. The price decline occurs while accumulators still follow on-chain signals. In this context, DeFi, stablecoins, tokenization, and staking show sustained activity. This situation provides a broader reading than price performance alone.

Ethereum remains dominant in DeFi and tokenized assets

Since January, the decline in ether’s price has put the network under pressure, without erasing its weight in on-chain activity. It retains an important place in decentralized finance, stablecoins, and tokenized assets.

Here are four key figures that summarize this situation:

• About 43 billion dollars in liquidity remain hosted in DeFi.
• More than 165 billion dollars in stablecoins are still circulating on the network.
• Nearly 55% of tokenized assets tracked on public blockchains are linked to Ethereum.
• Tokenized ETFs exceed 400 million dollars in capitalization, with 76.9% market share for the network.

For accumulators, this data provides a benchmark for the actual use of the protocol. Indeed, price decline is not enough to summarize the ecosystem’s state. Liquidity, stablecoins, tokenized ETFs, and tokenization still signal significant activity despite a fragile context.

Accumulators watch staking and queues

Staking is also progressing despite the decline observed this year. The network data shows that nearly 39.1 million ETH holders have staked their coins, which is about 32% of the total supply. This reserve is split among more than 896,000 active validators.

Furthermore, the demand to enter as a validator remains high. More than 3.49 million ETH are waiting in the queue, which implies a waiting time of over 60 days. Conversely, the exit supply remains limited, with 7,424 ETH reported.

This contrast helps accumulators read the long-term trend around Ethereum, as large volumes remain locked despite the drop in Ether price. These accumulators seem to favor duration even if the market remains under pressure since January.

Analysts watch a historic price zone

Flows to accumulation-dedicated addresses reinforce this observation. On May 20, inflows reached 248,400 ETH, the highest daily inflow since January 6, according to CryptoQuant data. These wallets show few sales, often associating them with long-term holders.

On charts, Ethereum remains described in an accumulation phase between 1,000 and 5,000 dollars. CryptoBullet sees this period as a gradual building of positions ahead of a broader trend. It also mentions a possible capitulation zone between 1,000 and 1,300 dollars.

Moreover, CryptoBullet estimates that Ethereum could aim, in the long term, for a zone between 7,700 and 14,000 dollars during 2027-2029. On the other hand, Rei d’Onchain follows a model based on the two-year simple moving average. According to this model, Ethereum went below the x1 band, often considered a fair value zone. For accumulators, this zone can serve as a benchmark in a cyclical market reading.

The future will mainly depend on the resilience of on-chain activity and price movement against historical zones. If inflows, staking, and DeFi remain strong, ETH could continue to be treated as an asset in the accumulation phase. However, a continued decline would keep open the possibility of a lower test before any expansion cycle.