Ethereum (ETH) price made an effort to exceed $2,700 this week but didn't succeed, although it has seen a 3.50% increase in the past seven days. The cryptocurrency faces mixed sentiments among different types of holders.
Investor sentiment can be gauged using the Net Unrealized Profit/Loss (NUPL) metric, which measures unrealized gains or losses. According to Glassnode, long-term holders are optimistic, considering recent price drops as temporary.
On the other hand, short-term holders are in the capitulation zone, indicating pessimism due to a 21.9% decline in ETH's price over the last 30 days. Most recent buyers are holding ETH at a loss, reinforcing their negative outlook.
Analyst Michaël van de Poppe suggests that ETH needs to break through the $2,700 resistance level to aim for $3,100. The In/Out of Money Around Price (IOMAP) shows strong support at $2,552, potentially helping ETH to surpass $2,900 in the short term.
If this occurs, reaching $3,100 might become easier. However, failing to break the resistance could cause the price to drop to $2,426.
