A June Replay? Ethereum’s 116% Rally Pattern Is Back, Yet A Big Dip Could Hit First

Ethereum's price has recently fallen, leading traders to anticipate either a rebound or further weakness. However, the on-chain metric Net Unrealized Profit/Loss (NUPL) shows a setup nearly identical to June, which preceded a 116% rally. In June, NUPL dropped to 0.17, coinciding with a 20.7% dip to $2,230, which served as the true bottom before the major rally. Currently, NUPL is trending down from 0.24, suggesting a similar reset is underway, potentially targeting a price near $2,470 if it hits the 0.17 zone. Exchange activity also supports this, as slowing ETH outflows suggest holders are selling. Furthermore, technical analysis aligns with this projection, as key support levels point to $2,466, converging with the NUPL model's target. A sustained rally requires holding above $2,920, but the current structure suggests one final flush down to the $2,466 zone is the most logical test before a meaningful reversal.

(Source：BeInCrypto)