$ETH Ethereum Tries to Recover After Capitulation, But $2,000 Remains Unlikely

Ethereum has recently shown an attempt to recover from the significant losses it sustained toward the end of March. The altcoin, often considered the leader in the smart contract space, is currently trading at $1,774. 

While this reflects an effort to regain momentum, Ethereum’s recovery might be hindered by short-term holders (STHs) looking to capitalize on any immediate profits.

Ethereum Investors Are Prone To Selling

Ethereum’s network value and user activity are showing signs of a possible recovery, but its current market sentiment remains under pressure. The Net Unrealized Profit/Loss (NUPL) indicator, which gauges the overall profit or loss of coins in circulation, has entered a phase of capitulation.