• Ethereum (ETH) spot trading volume is dropping, with shrinking bubbles showing slowed activity.
• Accumulation addresses hit record highs in 2025, signaling strong long-term investor confidence in Ether.
• Its MVRV Z-score in green zone (0 to -1) hints at potential market bottom and rally.

Ethereum’s price has remained notably stagnant, hovering at $1,842 while sitting 55.15% lower than its peak of $4,107 reached in December 2024. Even as the cryptocurrency lingers far from its highs, subtle shifts are unfolding beneath the surface that may steer its next move.

Recent analysis by CryptoQuant contributor Darkfost reveals a steady drop in Ether’s spot trading volume. His analysis, based on a bubble chart that maps volume by bubble size and change rate by color, shows a clear pattern: the bubbles are shrinking and fading. Trade activity is dropping, but the pace of that decline is starting to slow.

Instead of viewing this dip as a sign of weakening investor appetite, Darkfost frames it within the lens of a market correction. He argues that less spot volume during a downturn might act as a stabilizing factor, making sudden, sharp price drops less likely as fewer large sell-offs hit the market.

A pause in trading activity, in his view, could signal that sellers have either completed unloading their assets or are holding back. This slowdown might allow prices to consolidate, creating a steadier market structure in the short term while easing downward pressure. Darkfost further noted that a drop in volume doesn’t signal the market’s bottom, advising caution.

At the same time, some analysts are seeing brighter prospects ahead. Trader Coinvo points to Ether’s Market Value to Realized Value (MVRV) Z-score, which has now dipped into the green zone between 0 and -1.

Historically, this range has marked market bottoms and the beginnings of reversals. Coinvo believes Ether may be undervalued at current levels and could be gearing up for a major rally.

Reinforcing this perspective, CryptoGoos recently shared data showing that Ethereum inflows into accumulation addresses have surged to record highs in 2025. These addresses, typically associated with long-term holders, are seeing unprecedented buying activity despite Ether’s price struggles.

Such inflows hint at growing investor confidence. Long-term holders are quietly stockpiling Ether, suggesting they believe in its long-term value and resilience even during market downturns. This buying behavior could be laying the groundwork for a stronger price recovery.

CryptoGoos also highlighted that Ethereum’s reserves on exchanges have fallen to multi-year lows. Fewer tokens held on exchanges reduce immediate selling pressure and limit available supply for quick trades. This shrinking reserve may enhance Ethereum’s scarcity narrative, potentially fueling upward price momentum in the near future.

Meanwhile, popular analyst Crypto Rover has likened Ethereum’s current path to Bitcoin’s moves back in 2021. According to his assessment, if Ether follows a similar path, it might be poised to set a new all-time high within the coming months.

While its spot trading volume continues its descent, signals from accumulation trends and reduced exchange reserves point toward an undercurrent of optimism. The market might still be moving sideways, but long-term holders seem to be quietly stacking, confident that a brighter future is on the horizon.

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