Ethereum Nears Major Capitulation – On-Chain Metrics Hint At Impending Shift
Following a disappointing performance in February, the price of Ethereum has seen some relief in the past two weeks. With a stable market situation, the “king of altcoins” was able to hold itself around the psychological $2,000 level.
This, it is expected, has been enough to raise hopes among investors who are silent about the future of the Ether token; however, a market analyst has revealed reasons to believe that Ethereum buyers may want to stay in their hands – at least for now.
Many Indicators Are Aligning To Show Upward Pressure On The Market
In a recent post on social media platform X, chain-chain analyst Boris highlighted data from three metrics, indicating that the Ethereum market is beginning to see an increase in pressure. According to the analyst, if the current conditions persist, the capitulation phase may be on the verge of the second largest cryptocurrency.
Market experts began their analysis with the Net Unrealized Profit/Loss (NUPL) metric, which measures the net profit or loss of investors by comparing the current market value of ETH to the value of coins that last moved on the chain. Boris shared in his post that NUPL is currently sitting at a negative level, suggesting that Ethereum investors may be holding on to unreachable losses.
Ethereum may be approaching a large depository
Several key symbols in the chain are starting to align:
• NUPL: Bad → Investors hold unrealized losses
• Price: Below Asking Price (~$2.2K) → Market still under pressure
• Profit days: 1.34K day profit… pic.twitter.com/rHNw1Pn0i8– Boris. (@fundingvest) March 12, 2026
Another major metric cited was the Price Made metric, which represents the average price at which all distributed coins were last moved to the chain. Boris revealed in his tweet that the altcoin is currently trading below its target price of $2,200.
When the market falls below this level, it indicates that the Ethereum investor has held a loss. Therefore, this on-chain signal translates as a pressure level felt by Ethereum investors, as the market price continues to fluctuate below the received value.
Source: @Fundingvest on X
In addition, Boris mentioned the number of days spent in profit metric in his analysis, saying that the Ethereum network recently ended a streak of 1,340 days, during which the majority of Ether tokens in circulation remained profitable.
The analyst explained that this is often a signal that the market cycle is over – thinking that is consistent with historical events and is often seen near bear markets.
Despite the current conditions, Boris warned that the NUPL still needs to go deeper into the area between -0.5 and 1 in order to build on the bottom. If the price of Ethereum will get another round of sales, the metric can enter the search zone, where several investors may be forced to abandon their positions – an event that will probably be exploited by long-term traders (diamond hands).
Ethereum price at a glance
As of this writing, the price of Ethereum is around $2,092, which represents a decline of more than 1% from the previous day.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from DALL-E, chart from TradingView
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