Ethereum could be gearing up for a breakout, with new data from Glassnode suggesting a path toward $4,900—just shy of the $5,000 psychological mark.
The analysis notes that ETH is approaching March 2024 price levels but still has room to grow before matching last year’s unrealized profit levels, hinting at significant upside potential.
Unrealized profit, which tracks the theoretical gains of holders who haven’t sold yet, remains below its 2024 peak—despite ETH trading near prior highs. According to Glassnode, this discrepancy signals room for further growth as long as market conditions align.
Adding to the bullish case is a surge in Ethereum’s open interest, the highest among major altcoins. Rising open interest typically reflects growing investor confidence and increased market participation, often preceding price rallies.
ETH has climbed over 82% since its late-June low, currently trading around $3,862. With strong momentum, analysts believe Ethereum could lead the next wave of altcoin growth as altseason gains steam.
Looking ahead, all eyes are on whether macro tailwinds and positive sentiment in crypto markets can help ETH break above its previous all-time high. If bullish on-chain trends continue, Ethereum may not only retest prior resistance but also enter uncharted territory, solidifying its position as the leading altcoin in this cycle.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.