Ethereum NUPL signal points to possible bottom according to CryptoQuant

A specific on-chain metric for Ethereum on Binance is currently in a zone that in the past coincided with major price bottoms. CryptoQuant analysts point to this pattern as a possible signal that Ethereum is close to a new low, or that this low has already passed.

Ethereum is available at OKX and Bybit.

In short:

• The NUPL indicator for Ethereum on Binance is dropping to a level that historically coincides with price bottoms.
• Previous declines to this level were each followed by a recovery.
• Ethereum is currently trading at $1.880, down 2.4% over the past 24 hours.

What is NUPL and what does it say now?

The Net Unrealized Profit and Loss, abbreviated NUPL, indicates to what extent holders of a coin are, on average, in profit or at a loss based on the price at which they bought their coins. A low or negative NUPL means that many holders are making a loss on their positions. When this reaches extreme levels, it historically suggests that selling pressure is nearly exhausted.

Analyst Moreno of CryptoQuant reports that the Ethereum NUPL on Binance has fallen back to a value of approximately -0.35. As seen in the chart, this level in the past has repeatedly indicated a moment when the price of Ethereum was near a bottom. The red circles in the chart mark these moments, spread across 2019, 2020, 2022 and 2025.

Historical pattern as a guide

Whenever the NUPL for Ethereum on Binance dropped towards this negative area, a recovery followed after a while. That makes the current level striking, especially combined with the fact that Ethereum transactions are currently at a record high while fees are historically low.

At the time of writing, Ethereum stands at $1.880, down 2.4% over the past day. Whether the current level actually forms a bottom is, of course, uncertain. On-chain indicators provide historical context, but offer no guarantee for future price movements. Nevertheless, signals like these attract the attention of traders looking for entry points. For instance, companies such as Bitmine are already investing heavily in Ethereum through staking, which also points to long-term confidence in the network.