Ethereum’s Breakout Moment: Is the $7,500 Target Realizable? Professional Weight Scales
Despite Ethereum’s recent performance, Glassnode Co-founders, under the name ‘Negentrophic’ in Elon Musk’s X platform, assert that ETH’s potential is yet to be fully realized.
Analyzing historical data and market patterns similar to those at the beginning of 2021, Negentrophic predicts that Ethereum can reach a high of $7,500, a prediction based on current market structures and technical indicators such as the 161.8 Fibonacci expansion level.
Entry into Forecast of $7,500
Examining the predictions from these experts, the Fibonacci expansion level observed in 2021, which indicates a major rise in Ethereum, seems to have now appeared on the ETH chart, suggesting that history may indeed repeat itself.
Technical analysis shows a developing bull flag pattern on the Ethereum chart, which usually indicates the continuation of a bullish trend.
Ethereum could be set up for a significant price increase if this pattern holds, especially considering the increased market interest and the upcoming trading of the ETH spot ETF.
In order for Ethereum to reach the $7,500 price target, it must first overcome several key resistance levels. The first major hurdle is the $4,000 mark, which corresponds to the 1.618 Fibonacci extension from the previous cycle.
Exceeding this level will confirm a bullish market formation and pave the way to higher price points. Negentrophic is especially marked in X:
We believe that the Market moves with properties. And this structure gives us a target at ~7500 as Final High for ETH. That’s the 161.8% Fib extension from the structure, which we see developing right now. That would foreshadow the Fib extension we saw back in 2021. And it could mean a strong rally in ETH to boot….soon!
Ethereum Recovery Tokens
Meanwhile, in the current market conditions, ETH showed signs of recovery, rising from the bottom below $3,300 to $3,483. However, the road to recovery remains fraught with challenges, as evidenced by the slow decline in his weekly performance.
Market experts such as Quinn Thompson of Lekker Capital have expressed similar sentiments for Ethereum, suggesting a possible rise to $7,000 by the upcoming US election in November.
This speculation is in line with the broader optimism in the crypto community, where the mood has shifted from very bearish to cautiously optimistic about the massive increase in crypto capital.
Topic: We are in the midst of one of the most transparent and attractive crypto buying opportunities in recent memory.
Subtext: Although the market has been completely reset, the structurally sound options, liquidity and cycles of crypto momentum remain the same.
Body: Throughout my 5 years I have…
– Quinn Thompson (@qthomp) June 26, 2024
The featured image was created with DALL-E, a Chart from TradingView
