ETH Struggles Below $2K as NUPL Signals Losses

Key Insights:

• Binance ETH NUPL falls to -0.16, lowest level in nine months.
• Ethereum remains below $2,000 as technical indicators show weak momentum.
• Bitmine holds 4.37 million ETH, nearing 5% supply ownership target.

ETH Struggles Below $2K as NUPL Signals Losses

Ethereum trades at $1,964.58 after recent declines. The asset has slipped 0.52% in 24 hours and 4.67% over seven days. Trading volume stands at $10.05 billion as price stays below the $2,000 mark.

On-chain data shows Binance Net Unrealized Profit and Loss at a nine-month low. The current reading sits near -0.16, which means many ETH coins held on Binance are in unrealized loss.

Binance NUPL Falls Into Negative Territory

NUPL tracks whether exchange-held coins sit in profit or loss. A negative value shows that holders would exit below their cost basis at current prices. The latest -0.16 level marks the weakest reading since early 2025.

Kamran Asghar wrote that “Ethereum NUPL on Binance just hit a 9-month low.” He added that with ETH near $1,973, a large share of coins on the exchange are underwater. Similar drops below zero have appeared during prior market downturns.

The chart shows ETH falling from above $3,000 toward the $2,000 range while NUPL declined in parallel. The latest price slide pushed the metric deeper below zero.

ETH Price Trades Below Key Resistance

The daily ETH/USDT chart shows a downtrend from the $3,300–$3,400 zone. Price has printed lower highs and lower lows over recent months. A sharp drop in early February sent ETH near $1,800 before price steadied.

The $2,000 level now acts as resistance. ETH has not reclaimed the $2,100–$2,200 area. Support sits near $1,900, followed by the $1,800 swing low.

RSI stands near 34, close to oversold levels. MACD remains below zero, though histogram bars have narrowed. Momentum has slowed, but the overall structure remains weak.

ETH Struggles Below $2K as NUPL Signals Losses 4

Source: TradingView

Bitmine Moves Toward 5% Supply Target

While exchange balances show unrealized losses, Bitmine Immersion Tech continues to build reserves. The company holds 4.37 million ETH, worth about $8.69 billion. This equals 3.61% of total supply.

Crypto Rover stated that Bitmine’s target to control 5% of ETH supply is “72.3% complete.” The firm has increased holdings steadily since mid-2025. The dashboard lists $670 million in available cash for potential purchases.

ETH Struggles Below $2K as NUPL Signals Losses 5

Source: Crypto Rover/X

Exchange metrics reflect pressure on holders, while corporate accumulation continues in the background.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source: https://coincu.com/analysis/eth-struggles-below-2k-as-nupl-signals/