The price of Ethereum is once again approaching its March 2024 high, but despite the surge, holders are not witnessing an increase in profits. This raises questions regarding the nature of the current rally and its potential implications.
Ethereum Price Repeating Highs
As of now, $ETH is trading at $3,861, nearing its March peak. However, this situation differs from the past. According to Glassnode, traders are holding significantly fewer unrealized profits compared to the March rally.
Unrealized Profit Outlook
Analysis from Glassnode indicates that Ethereum still has potential for growth. During the March high, the +2σ level aligned with $3.98K, while the current rally indicates less strong profit-taking pressure. This is different from the March signs when the asset reached one of its highest points.
Price Analysis and Trader Expectations
Charts show Ethereum rising from below $2,000 to over $3,800. The current price is testing resistance. The MACD indicator remains bullish, though showing a slowdown. Nevertheless, traders are now focusing on the $4.9K level, which analysts suggest will be a critical point for increased sales from smart money.
Despite the current price increase of Ethereum appearing modest, the presence of unrealized profits suggests potential for further growth. Traders should remain cautious about overbought signals, but not underestimate the hidden potential of this rally.
