CandleFocus Ethereum (ETH) Price Stuck Between Strong Resistance and Support Zones
2024-10-04
Author: Content Editor
The current state of Ethereum (ETH) price is at a critical juncture, with resistance and support levels being closely watched. Market metrics such as the Net Unrealized Profit/Loss (NUPL) and whale activity indicate cautious sentiment among investors. The NUPL stands at 0.29, suggesting that while some ETH holders are still in profit, the overall market sentiment is cautious. The recent decline in NUPL from 0.36 to 0.29 indicates a shift towards more bearish sentiment. Additionally, the number of Ethereum addresses holding at least 1,000 ETH has seen a modest decline, but not a mass sell-off, indicating a wait-and-see approach from whales. The ETH Global In/Out of the Money metric shows strong resistance and support levels near the current price, suggesting that ETH may move sideways before deciding on a clear direction. Breaking above $2,500 could lead to a rally towards $3,000, while failing to hold $2,000 support may lead to a deeper correction towards $1,700. Overall, the market is in a phase of uncertainty, with participants reluctant to take decisive actions.
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