Ethereum Pops 11%, but Still Can’t Break Free as Holders Sell at a Loss

Ethereum price has struggled to sustain a meaningful recovery despite an 11% surge in the past 24 hours. The rally briefly improved sentiment, yet ETH remains trapped within a broader consolidation structure. Persistent hesitation among investors continues to cap upside momentum.

The altcoin king has underperformed several large-cap peers in recent weeks. While Cardano and Chainlink posted relatively stronger returns, Ethereum’s recovery attempts have repeatedly stalled. Investor resilience, or the lack of it, remains a central challenge for ETH price stabilization.

Ethereum Holders Need To Take a Break

Ethereum currently ranks as the most undervalued major altcoin based on Santiment’s MVRV 30-day data. Compared with Bitcoin, Cardano, XRP, and Chainlink, ETH shows the deepest negative positioning among recent buyers. This metric measures the average profit or loss of investors who entered within the last month.

Data indicates that investors who purchased ETH over the past 30 days are facing average losses of 5.5%. By contrast, holders of competing assets are experiencing smaller drawdowns. Such divergence highlights Ethereum’s weaker short-term return on investment relative to peers.

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Ethereum MVRV. Source: Santiment

Undervaluation can produce two distinct outcomes. Some investors interpret negative MVRV readings as accumulation opportunities, which historically precede recoveries. Others respond with panic selling to limit further downside exposure. Ethereum’s current price behavior suggests that the latter reaction is dominating sentiment.

Net realized profit and loss data reinforce this cautious outlook. Ethereum’s realized losses declined by $366 million to $78 million over the last 48 hours. While the drop indicates slightly reduced selling intensity, losses remain elevated compared with neutral conditions.

Underwater investors continue to exit positions instead of averaging down. Persistent realized losses signal ongoing fear within the market. Continued distribution limits upward price momentum and weakens Ethereum’s ability to stage a sustained breakout.

Ethereum Net Realized Profit/Loss. Source: Glassnode

ETH Price Breakout Depends On Macro Cues

Ethereum is trading at $2,067 at the time of writing. The asset has hovered near the $2,000 mark for several sessions. ETH remains capped below $2,108 resistance while holding above $1,902 support. This range reflects the ongoing equilibrium between buyers and sellers.

Current technical and on-chain indicators suggest continued consolidation. Upside demand appears fragile, limiting breakout potential. However, downside risk may also be contained. The $1,902 level aligns with a $2.9 billion demand zone, which historically attracted significant buying interest.

ETH Price Analysis. Source: TradingView

A structural shift requires renewed investor confidence. If holders halt loss-driven selling and begin accumulating, momentum could improve. Favorable macro cues contributed to the recent 11% bounce. A decisive break above $2,108 would invalidate the neutral thesis and open the path toward $2,394 for Ethereum price recovery.