[Analysis] "Ethereum unrealized profit still at a low level... Possibility of reaching $4,900"
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.
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.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![[Today’s Key Economic & Crypto Calendar] US January Manufacturing PMI, etc.](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
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