Ethereum
Will Ethereum (ETH) Hit $7,500? Analyst Makes Bold Claim — TradingView News
Despite Ethereum’s disappointing performance of late, the potential behind it is greater than it seems. Glassnode analyst believes that we haven’t seen everything Ethereum has to offer yet.
A similar trend that emerged in the first months of 2021 can be observed if we look at Ethereum’s past. The current market structure is consistent with this historical pattern, indicating that Ethereum could have a price target of around $7,500. Based on the current structures and the 161.8 Fibonacci extension level, the projection was made by the analyst.
ETH towards ~$7,500 as final high?
If we look at the history of ETH, we observe that in early 2021, we observed a similar pattern for the development of ETH. See the YELLOW MARKINGS!
We believe the market is moving in structures. And this structure gives us a target of around 7,500 as a final high for #ETH.
This is the… pic.twitter.com/FID62C9uyt— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) June 27, 2024
A similar Fibonacci extension level signaled a notable rally and significant price gains in 2021. According to the analyst, the market moves in predictable patterns, and the current pattern indicates that ETH’s top will occur at $7,500. Additionally, the chart shows a bull flag pattern, which traditionally denotes the continuation of an uptrend.
Ethereum could be poised for a big surge in the near future if this trend continues. Additionally, there is an increase in interest and investment in the broader cryptocurrency market. This situation, along with impending Ethereum updates and growing institutional traction, could create the perfect conditions for a robust rally.
To achieve this goal, Ethereum must overcome many obstacles. The $4,000 threshold, which corresponds to the 1.618 Fibonacci extension from the previous cycle, is the first significant hurdle. Reaching this level would confirm the bullish structure and open the door to higher targets.
As for potential catalysts and overall market sentiment, we are currently seeing a recovery after the most recent drop, seen a few days ago, when Bitcoin fell below the $60,000 level. The best fuel for Ethereum and the market in general would be the approval of the Ethereum ETF and some technological advancements, similar to what we have seen from Solana.