Will Short-Term Ethereum Holders Rescue ETH Price from Falling to $3,500?

Ethereum's price is struggling and stuck in consolidation, raising concerns about a potential retest of lower levels, possibly down to $3,500. The Net Unrealized Profit/Loss (NUPL) metric is nearing the capitulation zone, which historically precedes short-term rebounds. Short-term holders (STHs), who typically react quickly, are resisting selling at a loss, which could lead to a modest recovery rally, similar to two previous instances this month. However, Ethereum's weighted sentiment is declining sharply to a nine-month low, signaling growing bearishness and exhaustion in buying activity. Currently trading around $3,846, ETH is rangebound between $4,154 and $3,802. If the critical $3,802 support level is lost due to intensifying bearish conditions, the price could drop toward $3,500, invalidating any bullish outlook.

(Source：BeInCrypto)