Ethereum NUPL Falls to -0.35 Amid ETH Price Tests Historical Bottom Zone

Ethereum's Network Unrealized Profit and Loss (NUPL) indicator has fallen to -0.35, a level that has been associated with previous price floors in 2019, 2020, 2022, and 2025. According to CryptoQuant contributor MorenoDV, this reading indicates severe buying pressure on the covered supply of Binance, where unrealized losses equal roughly 35% of the current market value.

The ETH price now faces a crucial test near the 100-day exponential moving average, with Ethereum's active addresses reaching 989,500 in 24 hours, its busiest day since March. This increase in wallet use is attributed to stablecoins and tokenized assets using Ethereum for settlement, as well as lower network fees making transfers cheaper.

Meanwhile, Ethereum staking has reached a record 42 million ETH, representing roughly one-third of the supply. However, the Ethereum crypto market did not gain immediate price support from this milestone. The ETH price trades between support near $1,850 and resistance around $1,925, with Ether holding near $1,874 after falling from the earlier $2,300-$2,400 range.

MorenoDV noted that similar levels appeared around several earlier Ethereum lows, but cautioned that the indicator does not confirm that selling has ended. It measures only ETH held on Binance, not the network's entire supply. A NUPL recovery while ETH holds support would strengthen the bottoming case, but further deterioration would suggest capitulation has not finished.