Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In
2024年6月29日 - 9:30AM
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Despite Ethereum’s recent lackluster performance, Glassnode
Co-founders, under the name ‘Negentrophic’ on Elon Musk’s X social
platform, assert that ETH’s potential has yet to be fully realized.
Analyzing historical data and market patterns similar to those in
early 2021, Negentrophic predicts that Ethereum could reach a high
of $7,500, a forecast based on current market structures and
technical indicators such as the 161.8 Fibonacci extension level.
Related Reading: Is Ethereum About To Take Off? Analysts Weigh In
Amid ETF Approval Date Rumors Diving Into The $7,500 Prediction
Assessing the prediction from these experts, a Fibonacci extension
level seen in 2021, which signaled a major rise for Ethereum, seems
to have now emerged on the ETH chart, suggesting that history might
indeed repeat itself. The technical analysis shows a developing
bull flag pattern on Ethereum’s chart, which typically indicates
the continuation of a bullish trend. Ethereum could be primed for a
substantial price increase if this pattern holds, especially
considering the increased market interest and forthcoming ETH spot
ETF trading. For Ethereum to achieve the anticipated $7,500 price
target, it must first overcome several significant resistance
levels. The initial major hurdle is the $4,000 mark, aligned with
the 1.618 Fibonacci extension from the previous cycle. Surpassing
this level would confirm the bullish market structure and pave the
way for reaching higher price targets. Negentrophic particularly
noted on X: We believe Market moves in structures. And this
structure gives us a target at ~7500 as a Final High for ETH. That
is the 161.8% Fib-extensions from the structure, we currently see
developing. That would mirror the Fib-extension we saw back in
2021. And it would also imply a strong rally in ETH to set in ….
soon! Ethereum Signs of Recovery Meanwhile, In the current market
environment, ETH has shown signs of recovery, rising from lows
below $3,300 to around $3,483. However, the road to recovery is
still fraught with challenges, 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 election
in November. Related Reading: Ethereum Price Roadblocks: What’s
Hindering A Fresh Increase? This projection aligns with a broader
optimism in the crypto community, where the mood has shifted from
overwhelmingly bearish to cautiously optimistic about a significant
surge for major cryptocurrencies. Title: We are amidst one of the
most obvious and attractive crypto buying opportunities of recent
memory. Subtitle: While the market has completely reset, the
structurally positive election, liquidity and crypto momentum
cycles remain intact. Body: In all of my 5 years in… — Quinn
Thompson (@qthomp) June 26, 2024 Featured image created with
DALL-E, Chart from TradingView
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