A Market in Equilibrium
The NUPL metric, which tracks the average profit or loss of Ethereum holders, has shifted from higher values seen earlier this year. Between June and August, the metric reflected stronger profitability as the market performed well. However, as prices pulled back in October, unrealized profits began to shrink, moving the indicator towards a more neutral position.
Despite this shift, the NUPL remains positive, meaning that the average Ethereum investor is still in profit. This is a crucial sign of market health, as investors who are still in the green are less likely to sell their holdings during price dips. This can help prevent steep market declines and provide a level of support.
Recent Upgrades and Network Activity
This balanced market sentiment comes on the heels of the successful activation of the Fusaka network upgrade. The upgrade aims to enhance layer-1 performance and reduce rollup costs, which has been a focal point for developers. The upgrade has also coincided with a surge in network activity, including record daily gas usage.
Price Trends and Market Position
In terms of price, Ethereum is currently trading around $3,200, marking a 4.6% increase over the past 24 hours and nearly 6% over the last week. However, despite these recent gains, ETH is still approximately 35% below its all‑time high set in August and is down about 4.5% for the year.
Conclusion
Ethereum’s current market position, characterized by a positive NUPL and recent price gains, suggests a market that is neither overly optimistic nor in distress. The successful implementation of the Fusaka upgrade and increased network activity further underscore the platform’s ongoing development and resilience.
