Ethereum price has been fluctuating below $2,800 for the past few weeks and is stuck in a consolidation phase. Despite several attempts, ETH was unable to overcome key resistance levels, leaving investors uncertain.

Mixed signals from various technical indicators are adding to the ambiguity, making it difficult to predict whether Ethereum can return to $3,000 anytime soon.

Ethereum is losing money

Ethereum’s Network Unrealized Profit/Loss (NUPL) is currently in the bullish zone, signaling improving market sentiment. This indicator tracks the total profit or loss of all holders relative to when they purchased their assets. Current levels reflect growing confidence among investors.

This bullish sentiment is keeping investors engaged, with many holding onto their assets rather than selling them. As long as NUPL remains in this favorable range, the chances of a massive sell-off are slim, which could support Ethereum’s price in the short term.

Read more: Ethereum ETFs – Understand what they are and how they work

Ethereum NUPL. Fonte: Glassnode

On the macro side, Ethereum’s momentum looks mixed, as shown by the Chaikin Money Flow (CMF) indicator. The CMF, which tracks the flow of capital into and out of an asset, briefly spiked last week but has since fallen back down.

This drop is a bearish sign as it suggests that more capital is leaving Ethereum than is entering. It is an indication that selling pressure is potentially increasing.

Capital flow is a critical factor to watch, as sustained declines in the CMF often precede price declines.

Ethereum CMF. Fonte: TradingView

Price prediction

Ethereum is currently trading at $2,610, struggling to clear resistance at $2,700. Since early August, ETH has been repeatedly stuck at this level, with brief breaks above it failing to hold. As long as Ethereum remains below this resistance, it may struggle to achieve significant upward momentum.

Mixed signals from key indicators suggest that the ongoing consolidation between $2,700 and $2,344 will continue. The market may remain in this tight range until there is a decisive shift in sentiment or capital inflows.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

ETH Price Analysis. Source: TradingView

For Ethereum to reach $3,000, it must first flip the $2,700 resistance into support. Once it breaks through that level, the next key barrier will be $2,930. If ETH can clear that, it will reach a two-and-a-half-month high, potentially invalidating the current bearish outlook.

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