Ethereum (ETH) price is facing a critical moment as it hovers near strong resistance and support levels. Recent market metrics, including the Net Unrealized Profit/Loss (NUPL) and whale activity, suggest a cautious sentiment among investors.

Traders are closely watching key price levels, as a breakout above $2,500 could lead to a rally, while failure to hold $2,000 support may result in a deeper correction.

ETH NUPL Shows The Market Is Cautious Right Now

The current Net Unrealized Profit/Loss (NUPL) for Ethereum stands at 0.29, indicating that a fair number of ETH holders are still in profit, but the market sentiment is leaning cautiously.

NUPL is a metric used to gauge the overall profit or loss of the market by measuring the difference between the current price of ETH and the price at which it was last moved. It essentially captures the unrealized gains or losses held by market participants and is a key indicator of market psychology.

A higher NUPL suggests that most holders are in profit, signaling optimism, while a lower NUPL points to growing unrealized losses, potentially leading to increased selling pressure. Throughout September, the ETH market experienced multiple swings, with NUPL briefly rising to 0.36 before sharply declining toward the end of the month.

Read more: How to Invest in Ethereum ETFs?

This back-and-forth movement reflects attempts at recovery that ultimately failed as market confidence weakened and more participants began holding ETH at a loss. The recent drop in NUPL from 0.36 to 0.29 suggests a shift toward more bearish sentiment.

Despite some holders still seeing profits, a growing number are facing losses, which could result in further downward pressure unless there is a strong market catalyst for reversal.

Ethereum Whales Are Hesitant

The number of Ethereum addresses holding at least 1,000 ETH peaked at 5,628 on September 25, marking a significant point of whale accumulation, which often signals bullish sentiment or market confidence. However, this number has since seen a modest decline, with the current count at 5,606, down from 5,621 just four days ago.

Tracking the movements of these large holders is crucial because whales have the capital to influence price action. When whales accumulate ETH, it can create upward pressure on prices, as their buying activity suggests confidence in future price appreciation. Conversely, when they reduce their holdings, it can indicate caution or a shift toward a more bearish outlook.

However, the current reduction in whale addresses does not point to a mass exodus or widespread sell-off. Instead, the data suggests that whales are adopting a wait-and-see approach, reducing their positions slightly without triggering major market volatility.

This kind of behavior indicates that the market is in a phase of uncertainty, where participants are reluctant to take decisive actions in either direction. Even though whale accumulation has tapered off, the fact that the decline is not dramatic implies that there is no overwhelming bearish sentiment either.

ETH Price Prediction: Strong Support and Resistance Around the Current Price

The ETH Global In/Out of the Money metric shows that Ethereum has strong resistance and support levels very close to its current price, reinforcing the idea that ETH may move sideways in the coming days before committing to a clear direction.

The Global In/Out of the Money metric identifies the distribution of addresses that are either in profit (in the money) or at a loss (out of the money) based on the current price. It shows where clusters of buying and selling pressure are likely to be found. This helps traders gauge key price levels where ETH might encounter significant resistance or support.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

If Ethereum can break through the $2,500 zone, it has the potential to push further and test the $3,000 price range, with strong resistance until around $3,200. However, on the downside, if ETH fails to hold the critical $2,000 support level, it could see a more significant correction, potentially falling back to the $1,700 range.

Ripple’s (XRP) price fell from $0.63 to $0.52 earlier this week due to another regulatory battle with the US SEC. However, traders in the derivatives market seem to believe that this is a temporary setback rather than a long-term barrier, as they held positions predicting a bounce for the altcoin.

Whether it’s true or false, this analysis examines the reasons behind this sentiment and what could be next for XRP.

Ripple Bulls Expect Light at the End of the Tunnel

On Wednesday, the US SEC filed an appeal challenging XRP’s non-security status, which had been declared by the court in July 2023. Shortly after the announcement, XRP’s price dropped, wiping out a significant portion of its recent gains.

While traders initially panicked and opted to shorten the token, data from Coinglass shows that things have now changed. According to the derivatives information portal, XRP’s Long/Short Ratio had risen to 2.10.

This ratio shows whether more traders are holding long positions than shorts. When the reading is less than 1, it means more traders are opting to go short, suggesting a bearish sentiment. On the other hand, readings higher than 1 indicate a dominance of long positions.

Read more: XRP ETF Explained: What It Is and How It Works

In XRP’s case, 67.75% of traders are taking long positions, while 32.25% have opted for short positions. This suggests that a majority of traders anticipate a rise in XRP’s value once the discussions surrounding the SEC appeal subside.

Furthermore, the liquidation heatmap, which identifies high areas of liquidity, seems to agree with bias. In short, the liquidation heatmap shows price levels where high-scale liquidations might occur.

It also helps traders to find the best liquidity positions. Specifically, if the color changes from purple to yellow,  then there is a high concentration of liquidity at that point, and the price might move in that direction. For XRP, these regions are between $0.62 and $0.63. As such, the altcoin’s value might soon experience a bounce toward those levels.

XRP Price Prediction: Oversold and Ready to Bounce

A look at the Bollinger Bands (BB) on the daily chart shows heightened volatility around XRP as the bands expanded. But beyond highlighting the level of volatility, the BB also shows if a token is overbought or oversold.

When the upper band of the BB touches the price, it is overbought. On the other hand, if the lower band taps the price, it is oversold. As seen below, the lower band of the indicator has hit XRP’s price at $0.52.

This indicates that slight buying pressure could be significant in triggering a rebound. Additionally, the altcoin’s price is at the same position as the 38.2% Fibonacci retracement level. This ratio, also known as the support floor, could also be vital in helping XRP rebound.

Read more: How To Buy XRP and Everything You Need To Know

Thus, there is a high chance that XRP’s price will beat the $0.58 resistance. If that happens, the altcoin’s price might jump to $0.62. However, if the SEC appeal advances with Ripple on the back foot, this prediction could be invalidated. In that case, XRP’s price might decrease to $0.48.

Bitcoin (BTC), along with Ethereum (ETH) and XRP, witnessed a rough week as the macro-financial conditions remained bleak. Nevertheless, each of the three assets is close to reclaiming a key support level.

BeInCrypto has analyzed the big three cryptocurrencies and what investors should be expecting from them in the coming week.

Bitcoin Weekly Wrap: Price Holds On

Bitcoin’s price saw a near 6% decline over the past week, with the weekend preventing a larger drawdown. Currently, BTC is trading at $61,334 and is attempting to flip $61,868 into a support level. Breaking this resistance is critical for Bitcoin to regain momentum.

Successfully flipping $61,868 into support could help Bitcoin recover the recent losses. This move could push the price beyond $65,000, setting the stage to breach the resistance at $65,292, a key level for further upside.

Read more: Bitcoin Halving History: Everything You Need To Know

However, the bullish outlook will be invalidated if Bitcoin fails to break past $61,868. This strong resistance, if unbroken, could lead to a drop toward $60,000, exacerbating the downward pressure.

Ethereum Looks For Support

Ethereum’s price dropped more significantly than Bitcoin, experiencing a 9.6% decline over the past week. This drawdown brought ETH to $2,378 after bouncing off a crucial support level of $2,313. Traders are closely watching Ethereum’s next move amid this volatility.

Ethereum is now targeting a flip of the 23.6% Fibonacci Retracement level into support. Known as the bear market support floor, achieving this could provide Ethereum with the momentum it needs for a potential recovery in the coming days.

Read more: How to Invest in Ethereum ETFs?

Nevertheless, if bearish signals intensify, Ethereum could face further selling pressure. A fall below $2,313 would invalidate the current bullish outlook, potentially pushing ETH down to $2,223.

XRP Is Relatively Safer

XRP price suffered the most among the major cryptocurrencies, plunging by 18% over the last four days. However, the altcoin managed to avoid slipping below the critical 38.2% Fibonacci line at $0.52, signaling some potential for recovery.

A bounce off this support level could push XRP toward the 50% Fibonacci line at $0.55. Breaching this key level would be essential for XRP to regain momentum and recover from its recent losses.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

However, if XRP fails to flip $0.55 into support, it could enter a period of consolidation with $0.52 as the lower limit. This would invalidate the bullish outlook and delay further recovery efforts.