Glassnode Data Shows a Path for ETH to Hit a New $4,900 ATH
Main Idea
Ethereum (ETH) could potentially surge to a new all-time high of $4,900, driven by unrealized profits and rising open interest in derivatives markets.
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. A move to +2σ (standard deviations) in Relative Unrealized Profit would imply ETH reaching approximately $4,900.
3. Rising Open Interest (OI) in Ethereum derivatives indicates strong investor confidence and momentum for a potential price rally.
4. At the time of writing, ETH was trading at $3,862, reflecting an 82.74% rally from its June swing low.
Description
Ethereum could surge to $4,900 soon. Unrealized profits boost investors’ confidence over a potential ETH rally. Surging OI values indicate investors are opening fresh ETH positions. Ethereum may be on its way to a new all-time high if Glassnode’s latest analysis of the cryptocurrency’s price trend is anything to go by. According to the analysis platform’s latest post, ETH is trading near its March 2024 highs despite having lower unrealized profits. Despite $ETH trading near its March 2024 highs,...
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