Ethereum Whales Hesitant: Why Is ETH Accumulation Stalling?

The price of Ethereum (ETH) seems to be fluctuating within a neutral range, as suggested by various market indicators. The current value of the Net Unrealized Profit/Loss (NUPL) indicates that the majority of investors are neither significantly profitable nor facing major losses.

This even sentiment points to a mixture of cautious optimism and apprehension, but it does not exhibit the intense emotions that usually provoke major price changes. Coupled with the actions of larger holders and critical technical indicators, ETH is likely to maintain its sideways trajectory in the near term.

ETH NUPL Is Currently Neutral

The current NUPL for ETH stands at 0.34, indicating a neutral market situation. This figure suggests that most investors are neither in substantial profit nor in significant loss. It shows a balanced sentiment among holders, characterized by a blend of optimism and worry without the extreme feelings that typically lead to significant market movements.

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The Net Unrealized Profit/Loss (NUPL) assesses investor sentiment by comparing unrealized gains to unrealized losses. A positive NUPL indicates that holders are making profits, while a negative one suggests they are incurring losses. With a value of 0.34, ETH is in the ‘Optimism — Anxiety’ phase, indicating investors feel cautiously optimistic but also have reservations.

ETH is far from the more extreme phases of ‘Hope — Fear’ or ‘Belief — Denial’, indicating a stable, neutral market condition. This neutrality suggests that the price may continue to move sideways in the near term, as there is currently no dominant buying or selling pressure.

Ethereum Whales Are Not Accumulating

The number of addresses holding at least 1,000 ETH is decreasing, indicating that large holders are not accumulating ETH at this time. On September 25, there were approximately 5,628 such addresses, which has now fallen to 5,547. This persistent decline points to a lack of confidence among significant holders.

Monitoring these whale addresses is vital, as they can greatly affect market trends. When whales accumulate, it often indicates optimism and can spur price increases. Conversely, a decrease reflects hesitation or risk aversion.

The ongoing reduction in whale addresses over the last month suggests that major investors are not confident enough to increase their ETH holdings at this time. They may instead be reallocating resources to other assets or waiting for clearer market signals before purchasing more ETH.

ETH Price Prediction: More Sideways Movements Ahead?

This Ethereum (ETH) chart highlights several critical moving averages (EMAs) along with potential support and resistance levels. Presently, ETH is trading around $2,526, slightly under several EMA lines, indicating some downward pressure.

This scenario is further supported by the decline of its short-term lines. A crossover below the long-term EMA lines could generate a bearish signal.

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The chart indicates clear resistance levels at $2,728 and $2,820, with previous attempts to surpass these points proving unsuccessful. For any significant bullish momentum to occur, these levels need to be broken convincingly. On the opposite end, support levels are found at $2,308 and $2,150, which are potential entry points for buyers.

The existence of these support and resistance levels, combined with the lack of decisive movement near EMAs, suggests that ETH may continue to consolidate, with price changes remaining within this range until a definitive trend emerges.