Ethereum (ETH) Analysis: Market Cools Amid Declining Whale Activity

Thursday, 24 October 2024, 15:31

Altcoin analysis indicates that Ethereum (ETH) is experiencing a cooling market amidst declining whale activity. Current metrics reveal a neutral price range, with the Net Unrealized Profit/Loss (NUPL) reflecting cautious investor sentiment. This stable outlook suggests potential sideways movement in the short term as market dynamics unfold.
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Ethereum (ETH) Analysis: Market Cools Amid Declining Whale Activity

Altcoin Analysis: Current ETH Market Overview

Ethereum (ETH) price is showing signs of a neutral range, as various market metrics suggest stability amidst cooling trends. Investors display a mixed sentiment driven by the current Net Unrealized Profit/Loss (NUPL). As of now, ETH's NUPL stands at 0.34, indicating most investors are not deeply in profit or experiencing significant losses.

NUPL Insights

The NUPL gauges sentiment by assessing unrealized profits. Currently registering at 0.34, this signals caution among investors, marking them in an 'Optimism — Anxiety' phase. This neutral stance implies that there are minimal strong emotions that usually lead to major price shifts.

Whale Activity and Its Implications

An important observation is the decline in addresses holding at least 1,000 ETH, dropping from approximately 5,628 to 5,547. This trend signifies whale hesitation in accumulating ETH, potentially impacting market dynamics.

Price Movement Outlook

Currently, ETH trades around $2,526, facing downward pressure indicated by recent Exponential Moving Averages (EMAs). Resistance levels are noted at $2,728 and $2,820, while support is at $2,308 and $2,150.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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