According to analysts, Ethereum might be heading toward $4,900, which is just a breath away from the psychological $5,000 mark.
Ethereum could be setting the stage for a major move, and the latest on-chain data from Glassnode is catching serious attention. According to analysts, Ethereum might be heading toward $4,900, which is just a breath away from the psychological $5,000 mark.
But is the momentum strong enough to push it that far? Let’s break it down.
Unrealized Profit Still Has Room to Run
Glassnode’s data highlights a key detail — while Ethereum is trading close to its March 2024 levels, the unrealized profit (aka theoretical gains of holders who haven’t sold yet) is still below this year’s peak.
In simple terms? Many ETH holders are still not in maximum profit territory, even with prices recovering. That gap suggests there’s room to grow, especially if bullish momentum continues.
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Open Interest Is Booming—A Bullish Sign?
Here’s where things get even more interesting: Ethereum’s open interest is now the highest among major altcoins. And that’s not just a fun fact — it matters.
Rising open interest often means that more traders and investors are entering the market, showing confidence and willingness to participate. Historically, this kind of activity often comes before a rally.
ETH Up 82% Since Late June—What’s Next?
Since bottoming out in late June, Ethereum has surged over 82%, and it’s now hovering around $3,862. That’s no small feat. Analysts are buzzing with optimism, saying ETH could be the altcoin leader as altseason kicks into gear.
So, could Ethereum drag the rest of the market up with it? Possibly.
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Will Ethereum Break $5K This Cycle?
All eyes are now on macro trends and crypto market sentiment. If they align, Ethereum could do more than just retest its previous highs — it could enter uncharted territory.
And if that happens, it wouldn’t just be a technical breakout. It would be a statement that Ethereum still leads the altcoin charge in this cycle.
My Take: Ethereum isn’t just climbing — it’s building steam. If the market keeps showing strength, don’t be surprised if ETH becomes the first major alt to test new highs this year. This might just be the beginning.
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Disclaimer: This article is for information only. Consult a financial advisor before any investment, and do your own research. Because crypto is unregulated and involves a lot of risk.
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