Ethereum (ETH) price is showing mixed signals as it trades between a key resistance at $4,100 and a support at $3,600. Recent metrics, including NUPL (Net Unrealized Profit/Loss), indicate improving investor sentiment, and ETH remains far from the “Euphoria – Greed” stage seen at market tops.
Whale activity has also slowed after a significant accumulation phase in early November, suggesting a possible consolidation period. These factors together highlight both the potential for a new all-time high before Christmas and the risks of a correction in the near term.
ETH is far from euphoric, and that could mean a lot of things
Ethereum NUPL (Net Unrealized Profit/Loss) is currently at 0.52, up from 0.49 just three days ago. This metric, which reflects the overall unrealized profit or loss of holders, has moved Ethereum from the “Optimism – Anxiety” stage to the “Belief – Denial” stage.
NUPL values offer insights into market sentiment, with higher values suggesting increasing confidence and profitability among investors.
ETH NUPL. Source: Glassnode
Despite this improvement, Ethereum NUPL remains far from the “Euphoria – Greed” stage, which typically occurs around a NUPL value of 0.75.
This indicates that although investor sentiment is improving, it has not yet reached the levels of overconfidence associated with market tops. For ETH price, this suggests room for further growth as sentiment strengthens, but also highlights the absence of extreme optimism.
ETH whales accumulated heavily last week, but now the pace has slowed down
The number of Ethereum whales holding at least 1,000 ETH has been steadily increasing since mid-November, rising from 5,534 on November 14 to 5,600 currently. This trend highlights consistent accumulation by large holders, which can provide valuable insights into market dynamics.
Monitoring whale activity is essential, as these entities often have the resources and information to influence market movements.
Addresses with balance >= 1,000 ETH. Source: Glassnode
Interestingly, the number of whales increased significantly between November 6th and 10th, coinciding with a 12.5% correction in the price of Ethereum. After peaking at 5,606 between November 11 and 12, whale numbers have stabilized.
This stability suggests that large holders are no longer accumulating aggressively, which could indicate a period of consolidation for the ETH price. Historically, such phases can precede a directional move, depending on whether the broader sentiment is bullish or bearish.
ETH Price Prediction: A New All-Time High Before Christmas?
Ethereum price is currently trading within a range, facing resistance around $4,100 and finding support around $3,600. A recent crossover between two short-term trend lines suggests the potential for a new uptrend.
If this bullish signal materializes, ETH price will likely retest the $4,100 resistance. Even at this level, it would remain roughly 20% below its all-time high reached in 2021, suggesting room for further growth.
ETH Price Analysis. Source: TradingView
On the other hand, if the current trend reverses to a bearish one and the $3,600 support fails to hold, ETH could retest $3,500.
A break below this level could lead to further declines, with $3,255 emerging as the next significant support. Such a scenario could delay any attempts to reclaim higher price levels.
The article Ethereum (ETH): What does it need to break records by Christmas? was first seen on BeInCrypto Brazil.
