Ethereum Drops 6% After Hitting $3,800, But Analysts See New ATH Ahead

Ethereum (ETH) dropped implicit 6% successful the past 24 hours, sliding to astir $3,630 aft concisely touching the $3,800 mark.

The pullback comes aft a robust July rally, which saw the world’s second-largest cryptocurrency surge much than 50%, its champion monthly summation successful 3 years.

Despite the caller dip, on-chain information suggests the uptrend whitethorn not beryllium over. Glassnode’s latest investigation points to a imaginable caller all-time precocious (ATH) of $4,900, fueled by bullish capitalist sentiment, increasing ETF inflows, and rising unfastened involvement (OI) successful futures markets.

Glassnode Points to a $4,900 Ethereum Target

According to Glassnode, Ethereum is trading adjacent its March 2024 levels, yet unrealized profits stay comparatively lower. This divergence implies a ample upside imaginable arsenic investors are not yet cashing out, signaling assurance successful further gains.

The firm’s investigation shows that if unrealized profits scope the aforesaid levels arsenic successful 2024, ETH would apt ascent toward $4,900, marking a caller ATH and investigating the captious intelligence absorption astatine $5,000.

This could bespeak a increasing displacement successful however investors dainty Ethereum, from a speculative token to a halfway fiscal asset.

Open Interest and ETF Demand Reinforce Bullish Outlook

Rising unfastened involvement further supports Ethereum’s bullish case. Crypto futures information indicates that much traders are opening agelong positions connected ETH, reflecting expectations of further upside. Ethereum’s OI has been a cardinal contributor to the broader altcoin marketplace rebound.

Moreover, spot Ethereum ETFs, particularly BlackRock’s iShares Ethereum ETF, saw implicit $4 cardinal successful inflows successful July 2025, pushing full ETH ETF holdings to $21.85 billion. The surge underscores Ethereum’s rising presumption among organization investors and whitethorn amplify aboriginal terms movements.

With Ethereum facing absorption astatine $4,000, the convergence of beardown technicals, capitalist optimism, and organization request paints a promising outlook. If momentum continues, ETH whitethorn soon illustration caller territory supra its erstwhile highs.

Cover representation from ChatGPT, ETHUSD illustration from Tradingview