The founders of the blockchain analytics platform Glassnode believe Ethereum (ETH) could skyrocket by triple-digit percentage points.
Glassnode co-founders Jan Happel and Yann Allemann, who use the Negentropic pseudonym on the social media platform X, say that based on history, Ethereum could go up by approximately 120% from the current level to reach a new all-time high.
“ETH to approximately $7,500 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 [below]!
We believe market moves in structures. And this structure gives us a target at approximately $7,500 as a final high for ETH.
That is the 161.8% Fib-extensions from the structure, we currently see developing.
That would mirror the Fib-extension we saw back in 2021.
And it would also imply a strong rally in ETH to set in …. soon!”
The Glassnode co-founders further say that Ethereum is currently displaying relative strength compared to other crypto assets. Happel and Allemann say that “speculation over an imminent” launch of a spot exchange-traded fund (ETF) in the US could be the catalyst.
Ethereum is trading at $3,400 at time of writing. The second-largest crypto by market cap is down 1% over the last seven days.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
