Can Ethereum bulls take bears out of the market?

Despite a recent 7.30% drop in Ethereum's price, the Bulls And Bears indicator from IntoTheBlock suggests a potential rebound, showing a positive trend that might push ETH towards $3,100. However, the Short Term Holder — Net Unrealized Profit/Loss (STH-NUPL) metric indicates a shift from optimism to fear among investors, potentially driving further price declines unless sentiment changes. Additional data from Santiment on dormant circulation suggests reduced selling by long-term holders, yet the Network Value to Transaction (NVT) ratio highlights that Ethereum may still be overvalued.