Glassnode Data Shows a Path for ETH to Hit a New $4,900 ATH

• 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. 

Ethereum could surge to $4,900

Glassnode noted that if all other factors align, Ethereum would surge to $4,900 before matching last year’s unrealized profit, leaving the cryptocurrency with a massive upside potential. That would also imply a new all-time high and a push toward the $5,000 psychological level for the largest altcoin by market capitalization.

For context, unrealized profit in c…

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