On-chain data from blockchain analytics firm Glassnode indicates Ethereum is positioned for a significant upward movement toward the $4,900 price target. Key metrics including rising unrealized profits and record-high open interest underpin the bullish sentiment, with strong momentum and positive market outlook reinforcing the potential surge.
Despite trading near previous highs, Ethereum’s unrealized profits remain below last year’s peak levels. This gap suggests substantial headroom for further price appreciation as current conditions haven’t yet reached prior valuation extremes. The asset has demonstrated robust recovery, climbing over 82% since late June to trade around $3,862.
Analysts observe that Ethereum’s ability to sustain upward momentum amidst evolving market dynamics positions it as a leading altcoin. The convergence of strengthening fundamentals, heightened investor confidence, and favorable on-chain trends supports the case for a potential retest and breakthrough of its all-time high.