Ethereum (ETH) price seems to be ending August on a strong note, gaining over 23% and breaking a three-year streak of negative August performances. Unlike Bitcoin, which has struggled through the month, the ETH price has shown resilience.

However, September has historically been one of Ethereum’s weaker months, with only marginal gains of 3.20% in 2024 and 1.49% in 2023 after a series of red Septembers before that. Now, with the charts flashing mixed signals, ETH could be headed for a choppy month.

Long-Term Holders May Book Profits

One key metric to watch is Ethereum’s Net Unrealized Profit/Loss (NUPL), which measures the overall profitability of holders.

A high NUPL means most wallets are sitting on profits, often a signal that some may take profit. Ethereum’s long-term holder NUPL currently sits at 0.62, close to its three-month high.

In the past, similar levels have triggered corrections. On August 17, when NUPL touched 0.63, ETH fell from $4,475 to $4,077 (-8.9%). Later that month, at 0.66, ETH dropped from $4,829 to $4,380 (-9.3%). This suggests that September could bring volatility or range-bound action.