Ethereum Eyes $4,900 as Glassnode Signals Bullish Breakout Despite $4K Resistance Hurdle

Ethereum (ETH) is once again under the spotlight as leading on-chain analytics platform Glassnode points to a strong possibility of the asset surging to a new all-time high (ATH) of $4,900.

Despite recent price volatility, bullish indicators suggest Ethereum may be on the verge of a breakout — one that could reshape the altcoin market in the coming months.

Glassnode Data Shows Unrealized Profit Growth and Bullish Momentum

Glassnode’s recent report highlights a compelling trend: Ethereum is trading near its March 2024 highs, even though unrealized profits are lower compared to last year.

This, paradoxically, leaves room for significant upside. According to the data, if unrealized profits catch up to 2023 levels, ETH could reach as high as $4,900, a fresh ATH and just shy of the $5,000 psychological mark.

This increase in unrealized profit reflects strong investor confidence. It suggests that many ETH holders are choosing not to take profits, anticipating further price appreciation. The ongoing rally in open interest (OI) adds fuel to this bullish narrative, signaling that investors are opening fresh futures positions across exchanges.

Resistance at $4,000 Tests Investor Sentiment

Despite its strong fundamentals and a 50% surge in July alone, Ethereum recently faced rejection near the $4,000 resistance level, pulling back to $3,630.

This drop was attributed to heavy selling pressure at a well-known supply zone. However, technical analysts note that the broader uptrend remains intact, as long as ETH stays above key support levels around $2,900.

Crypto analysts like Merlijn The Trader point out that Ethereum’s current trajectory mirrors its 2021 bull cycle, with potential for explosive growth ahead. Institutional inflows, including $4 billion into BlackRock’s Ethereum ETF in July 2025, further validate ETH’s increasing demand and long-term viability as a core investment asset.

With Ethereum’s technical strength, rising ETF inflows, and historical price patterns aligning, the crypto market is watching closely. A successful breach of the $4,000 barrier could be the ignition point for Ethereum’s next leg up toward $4,900 and beyond.