Ethereum's price remains below the average cost for long-term holders, yet accumulation inflows continue to rise. On-chain data reveals that these holders are increasing their exposure, even as they face temporary paper losses. The realized price of Ethereum accumulation now exceeds current market levels, indicating that committed wallets are absorbing coins from short-term sellers. Despite the unfavorable price conditions, accumulation activity has not declined. Instead, inflows to these addresses have accelerated, reflecting persistent conviction among high-conviction holders. This trend suggests a strategic positioning rather than emotional selling, as these buyers focus on adjusting their cost basis rather than seeking short-term gains. The ongoing accumulation during market weakness indicates a potential demand base formation, as liquid supply contracts and holdings concentrate among investors with longer time horizons. This behavior reduces the likelihood of widespread distribution and positions the market for sensitivity to future demand shifts.