Cryptoquant Maps Ethereum’s Next Test: $5.2K Realized-Price Band

Analysts at cryptoquant.com say ethereum is riding “dual momentum,” pairing heavier institutional positioning with record onchain usage.

Cryptoquant Report Notes Lower Selling Pressure While Ethereum’s Onchain Use Peaks

In a recent analysis, Cryptoquant cites fund holdings that have roughly doubled since April 2025 to about 6.5 million to 6.7 million $ETH, alongside wallet cohorts holding 10,000 to 100,000 $ETH that now sit above 20 million $ETH. The firm’s researchers note that large allocators are increasingly treating ethereum as a strategic asset, while cautioning that much capital is already deployed.

Cryptoquant’s report adds that total ethereum staked has risen to a record near 36.2 million $ETH since May, reflecting long-term participation that reduces liquid supply. The market strategists also note that locking more $ETH can slow incremental inflows if price momentum cools.

Onchain activity shows total transactions and active addresses reaching all-time highs, with smart-contract calls surpassing 12 million daily for the first time—evidence that the network’s settlement role is expanding across decentralized finance (DeFi), stablecoin transfers, and token interactions.

Researchers say the pace supports valuation but could precede higher volatility if growth stalls. According to the report’s data, exchange inflows have fallen since the price peak near $5,000, down to roughly 750,000 $ETH per day from about 1.8 million $ETH in mid-August.

The report further interprets lower deposits to centralized venues as lighter near-term selling pressure, while warning that thin inflows may also align with lower liquidity. The researchers frame the next hurdle at the realized-price upper band around $5,200, which has acted as resistance in prior cycles.

With $ETH near $4,400, the firm views consolidation as likely unless price breaks decisively above that band, which would shift conditions toward renewed upside discovery.