Summary
TLDR: Ethereum’s NUPL moving into ‘Belief – Denial’ zone indicates a pivotal moment, with strong YTD growth surpassing competitors. Potential for consolidation in the short term as investors may liquidate holdings. NUPL indicator and IOMAP data suggest strong support and resistance levels, with a possible price increase to $4,500 and a retest of ATH.
Key Points
1. The recent shift in ETH Net Unrealized Profit/Loss (NUPL) into the ‘Belief — Denial’ zone signals a pivotal juncture, indicating a delicate threshold where confidence in Ethereum’s long-term value remains strong but caution about market dynamics looms.
2. ETH has demonstrated remarkable year-to-date growth, surpassing key competitors like Bitcoin, Binance Coin, Solana, and Chainlink, with a surge of 67.22% and a recent price increase from $2,352 to $3,946.
3. The NUPL indicator moving into the ‘Belief – Denial’ phase signifies majority holders viewing their ETH holdings profitably, indicating confidence and maturity in the market, while IOMAP data shows strong support at $3,830 and $3,710 with resistance at $3,949 and $4,064, potentially leading to a price escalation towards $4,500 and a new all-time high.