Although Ethereum’s price has fallen over the past two weeks, on-chain data shows that long-term investor confidence in the cryptocurrency remains strong.

According to crypto analyst PelinayPA in a recent CryptoQuant report, the amount of staked Ethereum has continued to rise and even reached a new all-time high in early 2026. This means more investors are locking up their ETH instead of selling it, reducing the amount of Ethereum available in the market.

The analyst also pointed to Ethereum’s MVRV metric, which is still at a healthy level. While many ETH holders are currently in profit, the market has not yet reached the overheated conditions usually seen at the peak of a bull cycle.

Meanwhile, activity from Ethereum depositors on Binance has increased slightly, but not as fast as the growth in staked ETH. Typically, rising deposits to exchanges like Binance can signal short-term selling pressure because investors often move assets to exchanges before selling.

However, PelinayPA said the increase in staked ETH is much larger, showing that long-term investors are still confident in Ethereum’s future. In simple terms, short-term traders may be preparing to sell, while long-term holders are continuing to lock up their ETH.

The analyst added that this kind of market condition could eventually lead to a supply squeeze, where reduced available supply may help support prices over the medium to long term.

Another positive signal is Ethereum’s growing Realized Cap, which suggests that fresh capital is still entering the market. According to PelinayPA, this market structure is more common during the later stages of a bull market rather than during bearish periods.

Overall, the analyst believes Ethereum still remains in a long-term bullish trend, despite short-term price corrections. Any future pullbacks could become buying opportunities, as long as Binance deposit activity does not suddenly spike.

At the time of writing, Ethereum was trading at around $2,113, up 2.26% over the past 24 hours, based on CoinMarketCap data.