$ETH

The value of the Ethereum network 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 measures the overall profit or loss of circulating coins, has entered a phase of capitulation.

Despite the increase in the price of Ethereum, the underlying sentiment remains cautious. The increase in NUPL could quickly reverse if short-term holders (STH) decide to liquidate their positions. The recovery of Ethereum depends on investor confidence, with those holding their assets being key to avoiding another mass sell-off.