[Analysis] "Ethereum unrealized profit still at a low level... Possibility of reaching $4,900"

JOON HYOUNG LEE

Summary

On-chain analytics firm Glassnode stated that the price of Ethereum (ETH) could further rise to $4,900.
Glassnode mentioned the possibility of further upside based on the fact that the Relative Unrealized Profit (indicator) is lower than in previous peaks.
As of the 31st, Ethereum is trading at $3,854.76 on CoinMarketCap.

*Ethereum (ETH) Relative Unrealized Profit Trend. Photo courtesy of Glassnode*

There is an observation that the price of Ethereum (ETH) could rise further to $4,900.

On-chain analytics firm Glassnode stated through its official X account on the 31st (local time) that "Ethereum is trading near the peak recorded in March last year, but the unrealized profit is at a much lower level."

They also mentioned the possibility of further upside. Glassnode analyzed, "(In March last year) Ethereum's 'Relative Unrealized Profit' indicator recorded +2σ and the price at that time was $3,980," adding, "However, the indicator is currently only close to +1σ."

They added, "If the indicator climbs to +2σ, the price of Ethereum could rise to $4,900."

Meanwhile, as of 8:01 PM on the same day, Ethereum is trading at $3,854.76 on CoinMarketCap. This is an increase of 2.2% compared to the previous day.

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