Ethereum
Could Ethereum (ETH) reach $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 comparable trend that emerged during the first months of 2021 can be seen when looking at Ethereum’s past. The current market structure is consistent with this historical trend, indicating that Ethereum may 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 at ~7500 USD as final high?
If we look at the history of ETH, we observe that at the beginning of 2021 we had a similar pattern for the development of ETH. See YELLOW MARKINGS!
We believe that the market evolves according to 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 has signaled a notable uptick 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 major surge in the near future if this trend continues. Additionally, there is an increase in interest and investment in the broader cryptocurrency market. This, along with Ethereum’s impending upgrades and growing institutional traction, could create the perfect conditions for a robust rally.
In order to reach this goal, Ethereum must overcome many obstacles. The $4,000 threshold, which corresponds to the 1.618 Fibonacci extension of the previous cycle, is the first major hurdle. Reaching this level would confirm the bullish structure and open the door to higher targets.
Looking at potential catalysts and general market sentiment, we are currently seeing a recovery from 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 saw at Solana.