Ethereum Dips Below $3,700 After Record High, But Analysts Predict New ATH
Ethereum (ETH) experienced a minor correction, dropping over 6% in the last 24 hours to approximately $3,630 after briefly touching the $3,800 mark. This pullback follows an impressive July rally that saw ETH surge more than 50%, its strongest monthly performance in three years.
Despite this recent dip, positive on-chain indicators suggest the uptrend may continue. Glassnode’s analysis points to a potential new all-time high (ATH) of $4,900, driven by robust investor sentiment, increased ETF inflows, and soaring open interest (OI) in futures markets.
Glassnode’s $4,900 Ethereum Price Prediction
Glassnode highlights that while Ethereum’s price is near March 2024 levels, unrealized profits remain comparatively low. This discrepancy suggests significant upside potential, as investors aren’t rushing to sell, indicating strong confidence in further growth. Their analysis projects that if unrealized profits reach 2024 levels, ETH could surge towards $4,900, potentially breaking through the crucial $5,000 psychological resistance. This could signify a major shift in how investors perceive Ethereum – transitioning from a speculative asset to a core component of the financial landscape.
Source: ETHUSD on Tradingview
Open Interest and ETF Demand Fuel Bullish Outlook
The increasing open interest further strengthens the bullish Ethereum outlook. Crypto futures data reveals a surge in long positions on ETH, reflecting market expectations of continued price appreciation. Ethereum’s OI has been a catalyst for the broader altcoin market recovery.
Furthermore, spot Ethereum ETFs, particularly BlackRock’s iShares Ethereum ETF, witnessed massive inflows exceeding $4 billion in July 2025, boosting total ETH ETF holdings to $21.85 billion. This influx underscores Ethereum’s growing appeal among institutional investors and could significantly amplify future price movements.
Promising Outlook Despite $4,000 Resistance
With Ethereum currently facing resistance at the $4,000 level, the confluence of positive technical indicators, investor optimism, and robust institutional demand creates a highly promising outlook. If this momentum persists, ETH could soon reach new all-time highs, exceeding previous records.