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.
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