The price of Ethereum (ETH) appears to be moving in a neutral range, as evidenced by several market indicators. The current net unrealized gain/loss (NUPL) value signals that most investors are neither high earners nor large losers.
This balanced sentiment suggests a mixture of cautious optimism and concern, but lacks the strong emotions that typically cause sharp price changes. Combined with the behavior of large holders and key technical indicators, ETH may continue to move sideways in the short term.
ETH NUPL is currently neutral
NUPL ETH is currently at 0.34, signaling neutral market conditions. This value suggests that most investors experience neither large gains nor significant losses. This reflects balanced sentiment among holders, with a mixture of optimism and concern, but without the extreme emotions that usually cause big market moves.
NUPL, or net unrealized gain/loss, measures investor sentiment by comparing unrealized gains and losses. When NUPL is positive, it indicates that holders are making a profit, and when it is negative, it signals a loss. A reading of 0.34 puts ETH in the Optimism-Worry phase, indicating that investors are cautiously optimistic but also wary.
ETH is far from the more extreme stages of Hope-Fear or Faith-Denial, indicating a stable, neutral market state. This neutrality indicates that prices are likely to move sideways in the short term, as neither strong buying nor selling pressure prevails at present.
Ethereum whales are not accumulating
The number of addresses containing at least 1000 ETH is decreasing, indicating that whales are not accumulating ETH. On September 25, there were about 5,628 such addresses, and now this number has dropped to 5,547. This steady decline indicates a lack of trust among large holders.
Tracking these whale addresses is critical as they can significantly influence market trends. When whales accumulate, it often signals optimism and can lead to higher prices. Conversely, a decline shows indecisiveness or risk aversion.
The consistent drop in the number of whale addresses over the past month means that large investors are not confident enough to accumulate ETH at this time. Instead, they can be reallocated to other assets or wait for clearer signals before buying more ETH.
ETH price forecast: new sideways movements ahead?
This chart of Ethereum (ETH) shows several key moving averages (EMAs) and potential support and resistance levels. ETH is currently trading around $2,526, slightly below several EMA lines, indicating downward pressure.
This is also reinforced by the fact that its short-term lines are declining. If they cross below long-term ones, it will create a bearish signal.
The chart also highlights clear resistance levels at $2,728 and $2,820; previous attempts to break through these points were unsuccessful. These levels will need to be broken convincingly to generate strong bullish momentum. On the other hand, support levels are marked at $2308 and $2150, indicating areas where buyers may intervene.
The presence of these support and resistance levels, as well as the lack of decisive movement around the EMA, suggests that ETH may continue to consolidate with price swings within a range before a clear trend develops.
