Key takeaways
Ethereum may be nearing its March highs, but unrealized profits suggest the rally could still run further (potentially up to $4.9K.) SharpLink Gaming just received another $40 million in ETH. Meanwhile, with social interest still low, analysts say the real wave of retail FOMO hasn’t even started.
Ethereum [ETH] may be hovering close to its March highs, but there’s more.
On-chain data shows unrealized profits remain surprisingly low, meaning traders haven’t cashed out just yet.
One whale wallet clearly agrees, dropping another $40 million into ETH as part of an $800 million spree tied to SharpLink Gaming – a rising rival to the Ethereum-rich giant, BitMine Immersion Technologies.
With crypto chatter still oddly quiet, perhaps the chaos – the retail kind – hasn’t even started.
ETH rally still has more running to do
According to Glassnode, ETH’s Relative Unrealized Profit metric is currently hovering just below the +1 standard deviation level.
In contrast, back in March – when ETH hit $3.98K – this metric had reached +2σ, showing much higher levels of paper profits across the network.
Source: Glassnode
The takeaway? Despite the rally, most holders haven’t taken significant gains yet.
If ETH were to revisit that +2σ level now, it could point to a potential price target around $4.9K, suggesting there’s room left.
Sharplink’s ETH storage grows
A crypto whale just dropped another $40 million in ETH – this time through a swap with Galaxy Digital – all routed to SharpLink Gaming.
The wallet, tagged as 0xCd9, has now sent over $800 million in ETH to SharpLink, making the company one of the largest Ethereum holders in the world.
Source: Arkham Intelligence
In fact, SharpLink holds more ETH than even the Ethereum Foundation itself. Only two other names – Bitmine and The Ether Machine – sit ahead.
Where’s the hype?
Despite Bitcoin soaring and altcoins staging impressive rebounds, mainstream curiosity about crypto remains surprisingly muted.
Data from Google Trends and Wikipedia page views shows interest levels are nowhere near past cycle peaks.
Source: Alphractal
According to Alphractal, this lack of retail buzz could actually be a bullish signal – suggesting the market hasn’t entered its euphoric phase yet.
With fewer people googling “What is Ethereum?” and “How to buy Bitcoin,” we may be in a calm-before-the-FOMO moment.
For seasoned investors though? This silence might just be the opportunity window before the crowd comes running.
