According to CoinMeta, Ethereum’s NUPL indicator has dropped to -0.35, indicating that the trading price of ETH is approaching $1,874, showing signs of significant pressure. According to contributor Morenodv of CryptoQuant, similar readings have appeared near major price bottoms in 2019, 2020, 2022, and 2025. However, this indicator does not confirm that the selling pressure has ended; it only measures the ETH held on Binance, not the total supply of the network. Meanwhile, Ethereum has recorded 989,500 active addresses in the past 24 hours, marking the highest daily activity since March. The current ETH price is facing a crucial test against the 100-day moving average. The NUPL indicator compares unrealized profits with unrealized losses, and a negative value indicates that holders are in a loss-making state. The reading of -0.35 shows severe buying pressure covering the supply on Binance. The amount of Ethereum staked has reached 42 million ETH, which is about one-third of the total supply, but this milestone has not immediately provided support for Ethereum’s market price.