Ethereum (ETH) Believers Could Be on the Verge of an Opportunity, CryptoQuant CEO Says

Believers in Ethereum (ETH) could be on the verge of an opportunity, according to Ki Young Ju, the founder and chief executive of the digital asset analytics firm CryptoQuant.

A technical analysis by digital asset analytics firm CryptoQuant suggests that Ethereum (ETH) could be presenting an opportunity for believers in the cryptocurrency.

Ki Young Ju, the founder and chief executive of CryptoQuant, shared the analysis with his followers on the social media platform X. He has 370,400 followers on the platform.

According to Young Ju, the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss (NUPL) hit a four-year low on Monday. The NUPL is an on-chain metric that measures the overall profit or loss of all ETH holders based on the price they last moved their coins at.

“Despite Ethereum’s underperformance against Bitcoin, ETH holders endure losses without realizing them. This mirrors levels from its early 2020 bottom.

This might be an opportunity for ETH believers.”

The crypto analytics firm founder also observed that ETH is becoming less correlated with BTC.

“The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.

Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”

Recently, several crypto analysts have expressed bullish sentiments towards Ethereum. Former Goldman Sachs executive Raoul Pal is optimistic about the second-ranked crypto asset.

According to the Real Vision CEO, ETH’s current chart is unfolding similarly to Bitcoin’s between 2011 and 2019.

“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.”

At the time of writing, ETH is trading at $3,054. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.