Here Is What Ethereum (ETH) Needs to Reach a New All-Time High Before Christmas

Ethereum (ETH) price is showing mixed signals as it trades between a key resistance at $4,100 and support at $3,600. Recent metrics, including NUPL (Net Unrealized Profit/Loss), indicate improving investor sentiment, and ETH remains far from the “Euphoria – Greed” stage seen at market tops.

Whale activity has also slowed after a significant accumulation phase earlier in November, suggesting a possible consolidation period. These factors together highlight both the potential for a new all-time high before Christmas and the risks of a correction in the short term.

ETH Is Far from Euphoria — And This Could Mean a Lot Of Things

Ethereum NUPL (Net Unrealized Profit/Loss) is currently at 0.52, rising from 0.49 just three days ago. This metric, which reflects the overall unrealized profit or loss of holders, has moved Ethereum from the “Optimism – Anxiety” stage to the “Belief – Denial” stage.

NUPL values offer insights into market sentiment, with higher values suggesting increasing confidence and profitability among investors.

ETH NUPL. Source: Glassnode

Despite this improvement, Ethereum NUPL remains far from the “Euphoria – Greed” stage, which typically occurs around a NUPL value of 0.75.

This indicates that while investor sentiment is improving, it has yet to reach the levels of overconfidence associated with market tops. For ETH’s price, this suggests room for further growth as sentiment strengthens, but it also highlights the absence of extreme optimism.

ETH Whales Accumulated a Lot Last Week, But Now The Pace Decreased

The number of Ethereum whales holding at least 1,000 ETH has steadily increased since mid-November, rising from 5,534 on November 14 to 5,600 currently. This trend highlights consistent accumulation by large holders, which can provide valuable insights into market dynamics.

Tracking whale activity is essential as these entities often have the resources and information to influence market movements.

Addresses with Balance >= 1,000 ETH. Source: Glassnode

Interestingly, the number of whales surged significantly between November 6 and November 10, coinciding with a 12.5% correction in Ethereum price. After peaking at 5,606 between November 11 and November 12, whale numbers have stabilized.

This stability suggests that major holders are no longer aggressively accumulating, which could indicate a period of consolidation for ETH price. Historically, such phases can precede a directional move, depending on whether broader sentiment leans bullish or bearish.

ETH Price Prediction: A New All-Time High Before Christimas?

Ethereum price is currently trading within a range, facing resistance around $4,100 and finding support around $3,600. A recent crossover between two short-term trend lines hints at the potential for a new uptrend.

If this bullish signal materializes, ETH price is likely to test the $4,100 resistance again. Even at that level, it would remain approximately 20% below its all-time high reached in 2021, suggesting room for further growth.

ETH Price Analysis. Source: TradingView

On the downside, if the current trend reverses into a downtrend and the $3,600 support fails to hold, ETH could retest $3,500.

A break below that level might lead to further declines, with $3,255 emerging as the next significant support. This scenario could delay any attempts to reclaim higher price levels.