After a disappointing performance in February, Ethereum price has seen some semblance of relief over the past two weeks. With market conditions stabilizing, the “king of altcoins” managed to hold around the psychological $2,000 level.
As expected, this was enough to raise hopes among silent investors about the future of the Ether token; However, a market analyst has revealed reason to believe that Ethereum buyers may want to sit back – at least in the meantime.
Multiple Indicators Align to Reflect Elevated Market Stress
In a recent post on social media platform According to the analyst, if current conditions persist, a capitulation phase could be on the horizon for the second largest cryptocurrency.
The market expert began his analysis with the Net Unrealized Profit/Loss (NUPL) metric, which measures investors’ overall profit or loss by comparing the current market value of ETH to the price at which the coins were last moved on-chain. Boris shared in his post that NUPL is currently at a negative level, suggesting that Ethereum investors may be holding unrealized losses.
Ethereum could be approaching a major capitulation zone
Several key on-chain signals are starting to align:
• NUPL: Negative → Investors hold unrealized losses
• Price: lower than realized price (~$2,200) → The market is still under pressure
• Days of profit: the profit of 1.34 K days… pic.twitter.com/rHNw1Pn0i8—Boris. (@Fundingvest) March 12, 2026
Another major metric cited is the realized price metric, which represents the average price at which all circulating coins were last moved on-chain. Boris highlighted in his tweet that the altcoin is currently trading below its realized price of $2,200.
When the market falls below this level, it indicates that the average Ethereum investor is experiencing losses. Therefore, this on-chain signal results in a level of pressure felt by Ethereum investors as the market price continues to fluctuate below the realized price.
Source: @Fundingvest on X
Additionally, Boris mentioned measuring days spent profitably in his analysis, saying the Ethereum network recently ended an impressive 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 indicating the end of a market cycle – a conjecture that is consistent with historical events and tends to appear near bear market lows.
Despite current conditions, Boris warned that NUPL still needs to sink deeper towards the capitulation zone between -0.5 and -1 for a bottom to form. If the Ethereum price were to experience another wave of selling, the metric could enter the capitulation zone, where several investors could be forced to abandon their positions – an event that would most likely be exploited by long-term traders (diamond hands).
Ethereum price at a glance
At the time of writing, the Ethereum price stands at around $2,092, reflecting a decline of over 1% since 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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