Ethereum (ETH) Price Stuck Between Strong Resistance and Support Zones

ETH NUPL. Source: Glassnode

This back-and-forth movement reflects attempts at recovery that ultimately failed as market confidence weakened and more participants began holding ETH at a loss. The recent drop in NUPL from 0.36 to 0.29 suggests a shift toward more bearish sentiment.

Despite some holders still seeing profits, a growing number are facing losses, which could result in further downward pressure unless there is a strong market catalyst for reversal.

Ethereum Whales Are Hesitant

The number of Ethereum addresses holding at least 1,000 ETH peaked at 5,628 on September 25, marking a significant point of whale accumulation, which often signals bullish sentiment or market confidence. However, this number has since seen a modest decline, with the current count at 5,606, down from 5,621 just four days ago.

Tracking the movements of these large holders is crucial because whales have the capital to influence price action. When whales accumulate ETH, it can create upward pressure on prices, as their buying activity suggests confidence in future price appreciation. Conversely, when they reduce their holdings, it can indicate caution or a shift toward a more bearish outlook.

Addresses with Balance >= 1,000 ETH. Source: Glassnode

However, the current reduction in whale addresses does not point to a mass exodus or widespread sell-off. Instead, the data suggests that whales are adopting a wait-and-see approach, reducing their positions slightly without triggering major market volatility.

This kind of behavior indicates that the market is in a phase of uncertainty, where participants are reluctant to take decisive actions in either direction. Even though whale accumulation has tapered off, the fact that the decline is not dramatic implies that there is no overwhelming bearish sentiment either.

ETH Price Prediction: Strong Support and Resistance Around the Current Price

The ETH Global In/Out of the Money metric shows that Ethereum has strong resistance and support levels very close to its current price, reinforcing the idea that ETH may move sideways in the coming days before committing to a clear direction.

The Global In/Out of the Money metric identifies the distribution of addresses that are either in profit (in the money) or at a loss (out of the money) based on the current price. It shows where clusters of buying and selling pressure are likely to be found. This helps traders gauge key price levels where ETH might encounter significant resistance or support.

ETH Global In/Out of the Money. Source: IntoTheBlock