Ethereum has gradually recovered from weeks of sustained selling pressure, climbing nearly 10% since the beginning of the month. However, the rebound has yet to attract the strong buying activity needed to confirm a broader bullish trend. On-chain metrics suggest investor sentiment is improving, but demand from both retail traders and institutional participants remains relatively subdued, limiting the cryptocurrency’s upside potential. NUPL shows investors are still underwater Ethereum’s Net Unrealized Profit/Loss (NUPL) indicator has improved from -0.46 to -0.30, reflecting that recent price gains have reduced paper losses for many holders. However, the metric remains in negative territory, indicating that the average investor is still holding ETH at a loss.
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