The HODL Waves chart for Ethereum shows a clear concentration of Ethereum held for 1 to 3 years, indicating that a significant amount of Ethereum acquired during the 2021-2022 period is still being held. The 1-2 and 2-3 year ranges reflect these holdings and represent a significant portion of the total supply. This holding pattern indicates that investors are confident in the long-term value of Ethereum. A significant proportion of investors choose to keep their holdings of Ethereum rather than sell due to market volatility, while the proportion of Ethereum held for less than six months decreases. In addition, the share of Ethereum held for more than 7 years has increased, indicating that this stability among long-term holders demonstrates their strong belief in Ethereum's fundamental value and future growth potential.