Compared to the previous cycle, the Net Unrealized

Compared to the previous cycle, the Net Unrealized Profit/Loss (NUPL) metric showed that the Ethereum market was not yet overextended. The NUPL bands help understand the different stages of a crypto asset’s cycle.

The positive NUPL values showed unrealized profits, but they were not as high as during the first half of the 2021 bull run.

This implied the current run might have more room to grow, but investors should remember that not every cycle needs to play out the same way.

The weekly chart of the altcoin market also reflected bullishness for long-term holders. The $1.2 trillion level, which had been a resistance from February to June, has been smashed aside.

The rising Ethereum prices could be a tide that lifts the altcoin market sentiment. Investor bets on undervalued alts could be justified in the coming months.