Ethereum (ETH) price is facing a critical moment as it hovers near strong resistance and support levels. Recent market metrics, including the Net Unrealized Profit/Loss (NUPL) and whale activity, suggest a cautious sentiment among investors. Traders are closely watching key price levels, as a breakout above $2,500 could lead to a rally, while failure to hold $2,000 support may result in a deeper correction.
The current Net Unrealized Profit/Loss (NUPL) for Ethereum stands at 0.29, indicating that a fair number of ETH holders are still in profit, but the market sentiment is leaning cautiously. NUPL is a metric used to gauge the overall profit or loss of the market by measuring the difference between the current price of ETH and the price at which it was last moved. It essentially captures the unrealized gains or losses held by market participants and is a key indicator of market psychology.
A higher NUPL suggests that most holders are in profit, signaling optimism, while a lower NUPL points to growing unrealized losses, potentially leading to increased selling pressure. Throughout September, the ETH market experienced multiple swings, with NUPL briefly rising to 0.36 before sharply declining toward the end of the month.
This back-and-forth movement reflects attempts at recovery that ultimately failed as market confidence weakened and more participants began holding ETH at a loss. The recent drop in NUPL from 0.36 to 0.29 suggests a shift toward more bearish sentiment. Despite some holders still seeing profits, a growing number are facing losses, which could result in further downward pressure unless there is a strong market catalyst for reversal.
The number of Ethereum addresses holding at least 1,000 ETH peaked at 5,628 on September 25, marking a significant point of whale accumulation, which often signals bullish sentiment or market confidence. However, this number has since seen a modest decline, with the current count at 5,606, down from 5,621 just four days ago.
Tracking the movements of these large holders is crucial because whales have the capital to influence price action. When whales accumulate ETH, it can create upward pressure on prices, as their buying activity suggests confidence in future price appreciation. Conversely, when they reduce their holdings, it can indicate caution or a shift toward a more bearish outlook.
The ETH Global In/Out of the Money metric shows that Ethereum has strong resistance and support levels very close to its current price, reinforcing the idea that ETH may move sideways in the coming days before committing to a clear direction.
If Ethereum can break through the $2,500 zone, it has the potential to push further and test the $3,000 price range, with strong resistance until around $3,200. However, if ETH fails to hold the critical $2,000 support level, it could see a more significant correction, potentially falling back to the $1,700 range.
