Ethereum (ETH) suffered a fresh decline of 1.5% over the past day as it hovered near $4,520. Despite the sluggish price action, the asset has entered an extraordinary new accumulation phase.In fact, new data show that balances held by Accumulating Addresses have more than doubled in just under four months.ETH Hoarding At Record LevelsAccording to CryptoQuant’s findings, historically, from 2018 until mid-2025, these addresses demonstrated a consistent but gradual increase and reflected steady long-term interest. However, since June 1st, 2025, this pattern has switched dramatically into an exponential growth curve.On that date, balances stood at around 13 million ETH, but by mid-September 2025, the figure had surged to nearly 28 million ETH. This was over a two-fold increase in record time.Such an acceleration highlights aggressive accumulation by strategic and large-scale investors, and points to confidence in ETH’s long-term value proposition. The sheer magnitude of this demand not only tightens the circulating supply but also strengthens the foundation for potential bullish price action.When paired with ongoing macro-economic factors, scalability-focused upgrades, and rising institutional adoption, CryptoQuant said that “the implications of this accumulation phase could become even more impactful.”Meanwhile, TK Research found that Ethereum is experiencing a powerful growth cycle, which is being driven by both capital inflows and stronger on-chain activity. The network’s transaction throughput (TPS) has surged 61.5% over the past year, indicating a significant leap in efficiency and scalability.At the same time, average transaction fees in ETH terms have become nearly ten times cheaper, which has made the network far more accessible to users and developers. This combination of higher throughput and lower costs creates a positive cycle with improved user experience that drives more engagement, which attracts additional dApps and capital into the ecosystem.Ethereum’s Path Higher Isn’t StraightforwardDespite Ethereum’s strengthening fundamentals, market structure remains tight. Crypto analyst Lennaert Snyder noted that the crypto asset is entering a compression phase, with price action tightening between key levels.According to Snyder, the $4,630 resistance remains the crucial barrier to break in order to unlock further bullish momentum, while $4,460 could serve as an immediate support zone.However, Snyder also highlighted that significant liquidity still rests near the $4,250 range low, which means a possible downside test before any upside. He even went on to caution that Ethereum may flush over-leveraged longs first, and shake out weaker positions, before attempting a decisive move higher.The post Ethereum’s Biggest Accumulation Wave Since 2018 Could Trigger Explosive Rally appeared first on CryptoPotato.