According to @glassnode, although Ethereum (ETH) is currently trading close to its March 2024 highs, the level of unrealized profits among holders is significantly lower. In March, ETH reached +2 standard deviations on the Relative Unrealized Profit metric at $3,980, but now, it is only near +1 standard deviation. If ETH were to move to +2 standard deviations again, this would imply a price target of approximately $4,900. This suggests there is still room for further upside before market euphoria and heavy profit-taking typically set in. Traders should monitor on-chain profit metrics for potential continuation or reversal signals in ETH price action. Source: @glassnode