El Salvador to Share Its Bitcoin Expertise With Bolivia’s Central Bank

Key Points

1. Ethereum is trading near its March 2024 highs but with lower unrealized profits, suggesting room for growth to reach $4,900 if it matches previous profit levels.

2. Unrealized profits are a key metric indicating investor confidence, and ETH is currently nearing +1σ in Relative Unrealized Profit, with +2σ implying a price of ~$4,900.

3. Rising Open Interest (OI) for Ethereum suggests a momentum build-up, supporting the bullish case for ETH.

4. At the time of writing, ETH was trading at $3,862, reflecting an 82.74% rally from the June swing low.

5. The analysis is based on data from Glassnode, highlighting potential for ETH to reach new highs if current trends continue.