After February’s disappointing performance, the Ethereum price has found some relief over the past two weeks. Steady market conditions have kept the “king of altcoins” psychologically at the $2,000 level.
As expected, this was enough to spark hope among investors who were silent about the future of Ether tokens. However, market analysts have given reason to believe that Ethereum buyers will want to stay put, at least for the meantime.
Multiple Indicators Align to Reflect High Market Stress
In a recent post on social media platform According to analysts, if the current situation continues, a capitulation phase for the second largest cryptocurrency could be just around the corner.
The market expert began his analysis with the Net Unrealized Profit/Loss (NUPL) indicator. This measures the investor’s overall profit or loss by comparing the current market value of ETH to the price the coin last moved on the chain. In his post, Boris shared that NUPL is currently at negative levels, suggesting that Ethereum investors may be suffering unrealized losses.
Ethereum may be approaching a major surrender zone.
Several key on-chain signals are starting to align.
• NUPL: Negative → Investors are holding on to unrealized losses.
• Price: Below realization (~$2.2K) → Market still under pressure
• Earning Days: 1.34,000 Earning Days… pic.twitter.com/rHNw1Pn0i8— Boris. (@Funding Best) March 12, 2026
Another key indicator cited was the realized price indicator, which represents the average price at which all coins in circulation were last moved on the chain. Boris pointed out in his tweet that the altcoin is currently trading below its realized price of $2,200.
If the market falls below this level, it indicates that the average Ethereum investor is taking losses. Therefore, this on-chain signal is interpreted as the level of pressure felt by Ethereum investors as the market price continues to fluctuate below the realized price.
Source: @Fundingvest on X
Furthermore, Boris cited the number of days spent in profit metric in his analysis, saying that the Ethereum network recently ended an impressive 1,340-day streak, during which the majority of Ethereum tokens in circulation remained profitable.
The analyst explained that this is often a sign of the end of a market cycle. This is a guess that is consistent with historical events and tends to occur closer to the bottom of a bear market.
Despite the current situation, Boris warned that NUPL would need to move deeper towards the yield zone between -0.5 and -1 for a bottom to form. If the Ethereum price undergoes another selling round, the indicator could enter a surrender zone, where several investors could see their positions forfeited. This is the event most likely to 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, down more than 1% from the previous day.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image of DALL-E, chart by TradingView
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