The Ethereum price is up 6.7% in the past 24 hours, trading near $3,320 with a potential target of $3,710. A bullish crossover between EMAs could push the price higher. However, caution is advised as NUPL has reached a level that historically led to profit-taking and a potential sell-off.

NUPL is at 0.296, signaling potential profit-taking by holders. A similar level on December 3 resulted in a 5.2% drop in ETH price. Profitability is rising again, increasing the chance of selling pressure before the bullish crossover finalizes, potentially pausing momentum.

For Ethereum price to continue upward, a 12-hour close above $3,390 is crucial, with resistance at $3,570 and a clear path towards $3,710. On the other hand, a move below $2,610 would invalidate the current setup and point to a deeper pullback.

Read more at Yahoo Finance: Is Ethereum Price Headed Toward $3,700 Next? One Metric Hints at a Longer Wait