Is Ethereum’s Price Set to Surge by 120%? Analysis by Glassnode’s Founders Suggests So
A recent analysis by Glassnode’s co-founders, Jan Happel and Yann Allemann, known as Negentropic on X, indicates that Ethereum’s price (ETH) has the potential to skyrocket by a hefty triple-digit percentage. Drawing on historical data, the duo predicts that the largest altcoin in the market could surge by approximately 120% from its current value, potentially reaching an all-time high.
Market experts speculate that the price of Ethereum could climb to around $7,500 as its ultimate peak. Presently, ETH is trading at approximately $3,400.
“ETH to ~$7,500 as a Final Peak? Examining ETH’s history, we can draw parallels with early 2021 when a similar pattern emerged in its development. We believe that market trends follow structures, and based on this, we project a peak at around $7,500 for Ethereum. These projections align with the 161.8% Fibonacci extensions of the ongoing structure, reminiscent of the pattern seen in 2021, signaling a significant upsurge in ETH in the near future!” – as penned by Negentropic.
The highest recorded price for Ethereum (ETH) stands at $4,878.26, marked on November 10, 2021, placing the current price of ETH approximately 29.16% below its historical pinnacle.
SEC Set to Deliberate on Ethereum ETF Approval on July 4
With the U.S. Securities and Exchange Commission (SEC) stepping closer to approving exchange-traded funds (ETFs) tied to Ethereum’s spot price, the cryptocurrency investment landscape may witness a substantial transformation. The final decision on approval is anticipated to be disclosed on July 4, 2024.
Various ETF issuers, including prominent players like BlackRock, VanEck, Franklin Templeton, and Grayscale Investments, are vying for the SEC’s nod. The successful launch of Bitcoin spot ETFs earlier this year underlined the market’s readiness to embrace these financial products, marking a pivotal shift following extended negotiations with regulatory bodies.
Disclaimer:
The opinions expressed in this article are solely for informational purposes and should not be misconstrued as financial or investment advice. Engaging in cryptocurrency investments or trades carries inherent risks.
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