Ethereum price has been hovering below $2,800 for the past few weeks and is stuck in a consolidation phase. Despite several attempts, ETH has failed to break through key resistance levels, leaving investors in limbo.

Mixed signals from various technical indicators add to the ambiguity, making it difficult to predict whether Ethereum will be able to rally to $3,000 soon.

Ethereum’s network unrealized profit/loss (NUPL) is currently in the bullish zone, signaling an improvement in market sentiment. This indicator tracks the total profit or loss of all holders relative to when they acquired their assets. Current levels reflect growing investor confidence.

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

On the macro side, Ethereum’s momentum appears mixed, as shown by the Chaikin Money Flow (CMF) indicator. The CMF, which tracks capital flows in and out of an asset, briefly rose last week but has since declined again.