The co-founders of market intelligence firm Glassnode say that Ethereum (ETH) is in the midst of a strong accumulation phase that may ignite a massive rally.
In a new thread on the social media platform X, Jan Happel and Yann Alleman – who go by the handle Negentropic – say that Ethereum may have an explosive breakout if the top altcoin reclaims the $4,000 level as support.
They also say that ETH may present a buying opportunity on Friday and Saturday, the two days of the week when the price has declined in the last 30 days.
“We might be lucky enough to experience one more retrace before ETH punches through $4,000. Friday and Saturday have generally been for accumulating over the past month. Once it does, strap in, because the ride will be wild.”
The analysts say that ETH may consolidate briefly before having a sudden and strong move to the upside.
“ETH with a small breather, but the next move is loading and will melt faces.”
The Glassnode co-founders also say that the increasing network growth metric for Bitcoin (BTC), which measures the number of users and transactions, is flashing a bullish signal for ETH based on historic precedent.
“The last time our Network Growth indicator accelerated this strongly while liquidity reset was April 7th – the global bottom this year. ETH rallied over 100% from that point. It’s happening again. You know what comes next.”
ETH is trading for $3,955 at time of writing, up 3.2% in the last 24 hours.
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