- Ethereum trades close to March 2025 highs around $3.9K.
- On-chain data shows lower investor profits compared to past peaks.
- Market setup hints at a potential price move toward $4.9K.
Ethereum ($ETH) is currently hovering near the highs it reached in March 2025, around the $3,900 mark. While this price action might suggest the altcoin is overheating, on-chain metrics tell a different story. Despite trading near previous peaks, Ethereum investor profits remain significantly lower compared to March. This gap hints at a healthy setup for further upside in the ETH market.
Market cycles typically reach exhaustion when unrealized profits are peaking. But in Ethereum’s case, current profit margins are subdued, suggesting there’s still room for price growth before hitting overheated levels.
On-Chain Signals Point to a Potential $4.9K Rally
Historical market behavior shows that when Ethereum trades near its local highs with modest profit-taking activity, it often precedes another leg up. On-chain analytics now mirror similar setups from past bullish cycles where Ethereum made strong upward moves.
Analysts believe that the current condition — low realized profits combined with stable network activity and rising accumulation — could support a surge to the $4.9K level in the coming weeks.
Additionally, Ethereum’s broader ecosystem is benefiting from renewed interest in DeFi and Layer 2 solutions, further strengthening its bullish outlook.
Why This Time Might Be Different
Unlike previous peaks where excessive profits led to mass exits and corrections, today’s scenario shows investor restraint. The lack of widespread profit-taking may reflect growing conviction among long-term holders and institutional participants. This confidence, along with strong technical and on-chain signals, builds a compelling case for Ethereum to revisit its all-time highs — and potentially set new ones beyond $4.9K.
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