Glassnode Predicts Ethereum Could Surge 120% to $7,500
The co-founders of blockchain analytics platform Glassnode believe Ethereum (ETH) has the potential to surge significantly, possibly by triple-digit percentage points.
Jan Happel and Yann Allemann, who go by the pseudonym Negentropic on social media, suggest that Ethereum could increase by around 120% from its current price, reaching a new all-time high.
ETH to ~7500 USD as a Final Top?
If we look to ETH history, we observe how we in early 2021 had similar pattern for ETH developing. See YELLOW MARKINGS!
We believe Market moves in structures. And this structure gives us a target at ~7500 as a Final High for #ETH.
That is the… pic.twitter.com/FID62C9uyt— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) June 27, 2024
According to their analysis, historical patterns indicate that ETH might rise to approximately $7,500.
They point to a similar pattern observed in early 2021, highlighting key markers that suggest market movements follow certain structures.
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They believe this current structure could drive ETH to the 161.8% Fibonacci extension level, mirroring the extension seen in 2021, and predict a robust rally for ETH soon.
Additionally, the Glassnode co-founders note that Ethereum is showing relative strength compared to other cryptocurrencies.
In a Bitcoin-dominated market, Ethereum is showing relative strength.
Speculation over an imminent ETF launch could be the catalyst.
Is this the start of a new cycle? pic.twitter.com/hzcBcZlbRw
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) June 26, 2024
They attribute this to speculation about the imminent launch of a spot exchange-traded fund (ETF) in the US, which could act as a catalyst for ETH’s rise.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
