- Ethereum price is showing strength, with selling pressure dropping to a six-month low and buyers steadily stepping in.
- A cup-and-handle breakout could push the price toward $5,430 if support levels hold.
Ethereum price is showing renewed strength, flashing a potential target of $5,430 as key on-chain metrics suggest selling pressure has significantly eased.
Selling Pressure Drops Sharply
On-chain data reveals that Ethereum holders have sharply reduced selling, bringing pressure to a six-month low. The Spent Coins Age Band metric, which tracks coins leaving wallets for sale, fell from 257,000 ETH on September 17 to just 42,700 ETH today — an 83.5% drop. This shows that many holders are holding back, giving the price room to rise if demand continues.
NUPL and Exchange Flows Confirm Buyers Are in Control
Ethereum’s Net Unrealized Profit and Loss (NUPL) recently rebounded to above $0.50, signaling that short-term sellers have mostly exited and stronger holders remain.
In addition, exchange outflows have increased from –147,600 ETH to –159,000 ETH since September 14, confirming that accumulation is outweighing selling. Together, these metrics suggest that weak hands are gone, and buyers are steadily stepping in.
Ethereum Cup-and-Handle Pattern Points to New Target
Technically, Ethereum is forming a bullish cup-and-handle pattern, with the neckline near $4,765. A successful breakout above this level could propel the price toward $5,430, marking a new yearly high. Chaikin Money Flow (CMF) has also climbed from -0.18 toward the zero line, indicating fresh capital entering the market.
Key Ethereum Support Levels
Support remains strong at $4,489 and $4,424. However, a drop below $4,213 would invalidate the current bullish setup, requiring buyers to wait for a new pattern to emerge.
Ethereum’s combination of reduced selling pressure, accumulation by stronger holders, and favorable technical setups points to a promising upside. If the cup-and-handle breakout holds, $5,430 could be within reach, signaling renewed confidence among investors.
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