Ethereum
Is $7,500 Target Achievable? Experts Speak Out — TradingView News
Despite Ethereum’s recent lackluster performance, the co-founders of Glassnode, which goes by the moniker “Negentrophic” on Elon Musk’s social platform X, say ETH’s potential has yet to be fully realized.
Analyzing historical data and market patterns similar to those from early 2021, Negentrophic predicts that Ethereum could reach a high of $7,500, a prediction based on current market structures and technical indicators such as the level of Fibonacci extension 161.8.
Diving into the $7,500 prediction
Evaluating these experts’ prediction, a Fibonacci extension level seen in 2021, which signaled a major upside for Ethereum, now appears to have appeared on the ETH chart, suggesting that history may indeed be repeating itself.
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Technical analysis shows a developing bull flag pattern on the Ethereum chart, which generally indicates the continuation of an uptrend.
Ethereum could be primed for a substantial price increase if this trend continues, especially given the increased market interest and upcoming ETH spot ETF trading.
For Ethereum to reach its projected price target of $7,500, it must first overcome several important resistance levels. The initial major hurdle is the $4,000 mark, which is aligned with the 1.618 Fibonacci extension of the previous cycle.
Breaking above this level would confirm the bullish structure of the market and open the way to achieving higher price targets. Negentrophic particularly noted on X:
We believe the market moves according to structures. And this structure gives us a target of around 7,500 as a final high for ETH. This is the 161.8% Fib extension of the structure we are currently seeing developing. This would mirror the Fib extension we have seen in 2021. And it would also imply a strong rally in ETH to settle in…. soon!
Signs of Ethereum Recovery
At the same time, in the current market environment, ETH has shown signs of recovery, rising from a low below $3,300 to around $3,483. However, the road to recovery remains bumpy, as indicated by a slight downtrend in its weekly performance.
Market experts like Quinn Thompson of Lekker Capital have echoed similar bullish sentiments for Ethereum, suggesting a potential rise to $7,000 by the upcoming US elections in November.
This projection comes amid broader optimism within the crypto community, where the mood has shifted from extremely bearish to cautious optimism about a significant rise in major cryptocurrencies.
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Featured image created with DALL-E, chart by TradingView