According to Glassnode data, ETH's +1σ effective realized price range (currently $4,500) marks a critical upside threshold for the current rally. This level served as resistance in March 2024 and during the 2020-21 cycle. A break above this level typically signals a buoyant market and increased risk of structural instability. The "+1σ effective realized price range" combines the realized price with the statistical concept of standard deviation (σ, sigma) to assess the average cost basis of market participants and market price volatility.