Why can ETH reach the milestone of $4,900 before retail investor FOMO explodes?

Ethereum (ETH) is fluctuating near the peak level from March, but there are still many noteworthy things beyond that.

On-chain data shows that unrealized profits remain surprisingly low, meaning that the majority of traders have not yet taken profits.

A whale wallet seems to also place its trust in the bullish trend of ETH by spending an additional 40 million dollars to accumulate more – part of a 800 million dollar buying campaign by SharpLink Gaming, a name emerging as a formidable competitor to the "giant" holding a lot of ETH, BitMine Immersion Technologies.

When the crypto market is still quite calm, it is very likely that the "chaos" – the type of FOMO coming from retail investors – has not yet begun.

The rally of ETH is not over yet

According to data from Glassnode, the Relative Unrealized Profit index of ETH is currently hovering just below the +1 standard deviation threshold.

Conversely, in March – when ETH reached a peak of 3,980 dollars – this index hit the +2σ level, indicating that the "paper" profits were significantly higher across the network.

The relative unrealized profit of ETH | Source: GlassnodeTherefore, even though ETH is rising sharply, most holders have not yet taken significant profits.

If the unrealized profit index relatively returns to the +2σ threshold, the potential target price could reach around $4,900 – indicating that ETH still has room to grow.

Sharplink's ETH storage continues to expand

According to data from Arkham Intelligence, a whale has just poured an additional 40 million dollars into ETH – this time through a swap transaction with Galaxy Digital – and the entire amount of ETH has been transferred to SharpLink Gaming.

The whale wallet labeled 0xCd9 has now transferred over 800 million dollars worth of ETH to SharpLink, making the company one of the largest holders of Ethereum in the world.

Source: Arkham IntelligenceIn fact, the amount of ETH that SharpLink holds is even more than that of the Ethereum Foundation. Only two other names – Bitmine and The Ether Machine – are ranked higher.

Where is the enthusiasm?

Although Bitcoin surged and altcoins are recovering strongly, public interest in the crypto market remains surprisingly lackluster.

Data from Google Trends and Wikipedia page views show that the current level of interest is still very far from the peaks of previous cycles.

Source: AlphractalAccording to data from Alphractal, the absence of enthusiasm from retail investors may actually be a bullish signal as the market has not yet entered a state of extreme euphoria.

When few people search for phrases like "What is Ethereum?" or "How to buy Bitcoin", it is likely that we are in a quiet moment before the FOMO frenzy.

However, for seasoned investors, this silence could be the "golden opportunity" before the crowd rushes to participate.

Minh Anh