This chart shows investor behavior and on-chain psychology more than the #Ethereum price. Especially when Accumulating Retail Address SOPR and NUPL are examined together they give important signals regarding a potential market downturn.

The chart shows increases in Accumulating Retail Address near historical peaks particularly at the end of 2025 and the beginning of 2026. In the final stages of cycles the most intense buying usually comes from small investors. Historically, periods when everyone is buying while whales sell are common in the market. Therefore high retail accumulation alone is not a guarantee of a rise.

SOPR has been moving around the 1 level for a long time. This indicates that investors are unable to sell at a profit, and the influx of new money into the market is weak. The fact that SOPR is constantly stuck around 1 usually points to an unstable market structure. If SOPR permanently falls below 1 investors may start selling at a loss, and selling pressure could accelerate.

NUPL data currently shows reduced profits. However, this also indicates that there is still a reserve of profit that can be sold in the market. In other words, if a large sell-off occurs, the downside potential doesn't seem entirely exhausted. Price strength isn't building up as accumulation increases. The chart shows record levels of retail accumulation and an increasing number of accumulating addresses recently. Despite this, there's no strong upward movement in the SOPR. This sometimes means that if buying pressure isn't enough to push the price up there are strong sell-offs on the other side.

The chart shows that small investors have historically accumulated ETH at a very high rate with the recent decline. The SOPR doesn't confirm a strong bull market. Additional selling potential exists in the event of a NUPL decline. Despite increased buying appetite, whales are selling in the market. Especially if the SOPR falls below 1 and NUPL accelerates downwards the risk of a deeper correction for ETH could significantly increase. $ETH