Ethereum is demonstrating notable relative strength after reclaiming the 
$3,150 level and attempting to push higher, offering a refreshing shift in 
sentiment following weeks of intense selling pressure, fear, and market-wide 
uncertainty. As the broader crypto landscape begins to stabilize, ETH stands 
out as one of the assets showing early signs of recovery, drawing renewed 
attention from traders and long-term investors alike. Related Reading: Tron 
Hits $80.2B Stablecoin Milestone After Tether Mints 1B USDT On The Network A 
key factor supporting this shift is the Net Unrealized Profit/Loss (NUPL) 
reading for Ethereum on Binance, which is currently sitting around 0.22 while 
price trades near $3,100. This level reflects a delicate equilibrium between 
fear and optimism, indicating that a significant portion of ETH holders remain 
in moderate profit. Importantly, NUPL has not yet moved into the “greed” zone 
typically seen in the late stages of a bullish cycle, suggesting that the 
market is far from overheated. Instead, Ethereum appears to be transitioning 
into a more neutral, constructive phase where investors are cautiously 
optimistic but not excessively euphoric. This balance often forms the 
foundation for a healthier recovery, especially after a deep correction. If 
momentum continues building and NUPL remains stable or trends higher, ETH 
could be positioning itself for a stronger upside move in the coming weeks. 
NUPL Signals a Transitional Market Phase Arab Chain notes that Ethereum’s NUPL 
index experienced a significant rise between June and August, reaching levels 
far higher than today and reflecting strong profitability across the network 
during mid-2025. At that time, investor sentiment leaned toward optimism, 
supported by rising prices and improving macro conditions. However, as 
Ethereum’s price began to decline steadily from October onward, unrealized 
profits started to shrink. This pushed NUPL down toward more neutral 
territory, signaling a shift in sentiment from elevated optimism to a more 
grounded, cautious outlook. Crucially, NUPL has not fallen into negative 
territory, meaning the average ETH holder has not transitioned into unrealized 
losses. This is an important sign of underlying market strength. When 
investors remain in profit, they tend to be less motivated to sell 
aggressively at lower prices, reducing the risk of panic-driven capitulation 
and helping stabilize price action during corrections. Taken together, these 
signals indicate that Ethereum is currently in a transitional phase. The 
market is neither euphoric nor fearful—rather, it is waiting for a decisive 
catalyst to define the next trend. As long as NUPL stays above 0.20, Ethereum 
retains a meaningful level of investor confidence, increasing the likelihood 
of a rebound if liquidity strengthens or positive fundamental developments 
emerge. Related Reading: Bitmine Buys Another 18,345 Ethereum ($54.94M) In 
Fresh Accumulation Push – Details ETH Rebounds Strongly on the Weekly Chart 
Ethereum’s weekly chart shows a powerful rebound as price surges back above 
the $3,150–$3,200 region, reclaiming a critical support band that had turned 
into resistance during the November sell-off. The long lower wick from last 
week’s candle confirms strong buy-side interest around the $2,700–$2,800 zone, 
an area that has historically acted as a major demand region during multi- 
month corrections. ETH has now reclaimed the 100-week SMA, a key trend 
indicator currently positioned near $2,900, signaling renewed structural 
stability. The 200-week SMA, sitting comfortably lower, continues to reinforce 
the long-term uptrend. However, the 50-week SMA, which has flattened and now 
looms around the $3,350–$3,400 level, represents the next significant 
resistance level. ETH will need a decisive weekly close above this moving 
average to confirm a true shift back into bullish momentum. Related Reading: 
Ethereum Open Interest Cut In Half As $6.4B In Positions Vanish: Market Reset 
Accelerates Volume on the rebound is notably stronger than in previous 
consolidation phases, suggesting increased participation and growing 
confidence among market participants. However, ETH is not yet in the clear. 
The series of lower highs since the September peak forms a descending 
structure that must be broken for a sustained uptrend to resume. Featured 
image from ChatGPT, chart from TradingView.com

Ethereum NUPL Holds Steady, Signaling Market Balance Amid Volatility

Multiple major exchanges—including CME, Cboe, ICE, and Coinbase—are in talks 
with the CFTC to launch spot and leveraged crypto products.

CFTC Approves Spot Cryptocurrency Trading on Regulated U.S. Exchanges

21Shares, a digital asset management firm, has previously launched multiple 
cryptocurrency ETFs in various markets. Here&#8217;s the latest.

21Shares launches first leveraged SUI ETF on Nasdaq following SEC approval

The murder of Danilo Kuzmin, the 21-year-old son of Kharkiv’s deputy mayor, in 
Vienna, is strongly suspected to be a case of crypto-related robbery and 
violence. Cryptocurrency as the Core Motive The brutal murder of Danilo 
Kuzmin, a 21-year-old Ukrainian student and the son of Kharkiv’s deputy mayor, 
in the Austrian capital, Vienna, is increasingly […]

Murder of Son of Ukrainian Deputy Mayor in Vienna Tied to Stolen Crypto Funds

Ethereum (ETH) is topping talks once again as its Fusaka upgrade goes live and 
the ETH price returns firmly above the $3,200 mark. After weeks of choppy 
trading and lingering fear across the broader crypto market, the combination 
of a major technical overhaul and rising on-chain activity is giving traders a 
fresh narrative to follow. Related Reading: Eric Trump Says Bitcoin Could Hit 
$500,000, Stands By ABTC Strategy In the last 24 hours, ETH has climbed around 
4–5%, outperforming most large-cap cryptos and reclaiming a key psychological 
zone near $3,200. Market data shows rising volumes and a noticeable pickup in 
accumulation from larger holders, even as sentiment indicators still sit in 
“Fear” territory. ETH&#8217;s price trends to the downside, but records some gains 
on the daily chart. Source: ETHUSD on Tradingview Fusaka Upgrade Shifts Focus 
Back to Ethereum’s Scaling Roadmap The Fusaka upgrade, Ethereum’s second major 
network update of 2025, activated at block height 18,200,000. At its core is 
PeerDAS, a data availability sampling system that lets nodes store only slices 
of blob data instead of entire payloads. This change is estimated to expand 
blob throughput by roughly eight times, easing congestion and helping layer-2 
networks push more transactions through Ethereum’s base layer. Developers 
describe Fusaka as another step in Ethereum’s long-term scaling roadmap, 
aligning the main chain with growing layer-2 activity. Beyond PeerDAS, the 
upgrade bundles a series of Ethereum Improvement Proposals that tweak gas 
limits, transaction sizes, cryptographic support, and block configuration, 
aiming to improve efficiency while keeping validator requirements manageable. 
Whales, ETFs and Technical Signals Cluster Around $3,500 On-chain data shows 
“shark” wallets holding between 1,000 and 10,000 ETH have ramped up 
accumulation in recent weeks, buying aggressively on dips around 
$2,700–$3,000. Institutional interest also appears to be rising. BitMine has 
reportedly added more than 18,000 ETH to its treasury ahead of Fusaka, while 
U.S. spot Ethereum ETFs have recorded notable net inflows. Technically, ETH is 
trading around $3,200 with analysts watching resistance between $3,300 and 
$3,500. Short-term models project a move toward roughly $3,537 within days, 
implying upside of about 10% if the current trend holds. However, indicators 
remain mixed. The broader setup is still labelled “bearish,” and any pullback 
could see ETH retesting support around $3,100, $3,000, or even the $2,850 
zone. Related Reading: XRP Price Is Performing As Expected; Analyst Reveals 
What Comes Next For now, the Fusaka upgrade has shifted the conversation back 
to fundamentals, with Ethereum’s price action testing whether renewed 
confidence is enough to carry it through the $3,500 barrier. Cover image from 
ChatGPT, ETHUSD chart from Tradingview

Cryptocurrency price in MYR