ETH's NUPL Dives to -0.35 as Ethereum Tests Historical Price Floor

Ethereum's Network Unrealized Profit Loss (NUPL) indicator has dropped to -0.35, a level associated with previous price floors.

This reading is similar to those seen in late 2019, March 2020, and two phases of the bottom in 2022.

MorenoDV noted that NUPL measures only ETH held on Binance, not the network's entire supply. Therefore, it does not confirm that selling has ended.

Ethereum recorded its busiest day since March with 989,500 active addresses, according to Santiment. The network staking reached a record 42 million tokens, representing roughly one-third of the supply.