Despite ethereum's recent lackluster performance, the co-founders of Glassnode, under the name 'Negentrophic' on Elon Musk's x social platform, x.com/Negentropic_/status/1806286582770454830″ target=”_blank”>say that the potential of eth has not yet been 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.
Digging deeper into the $7,500 prediction
Evaluating the prediction of 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 could repeat itself.
<img src="https://technicalterrence.com/wp-content/uploads/2024/06/Ethereum39s-defining-moment-Can-7500-target-be-reached-Experts-weigh.jpeg" alt="ethereum chart analysis. ” />
Technical analysis shows a bullish flag pattern developing on the ethereum chart, which generally indicates the continuation of an uptrend.
ethereum could be primed for a substantial price increase if this pattern holds, especially considering increased market interest and upcoming eth spot ETF trading.
For ethereum to reach the intended price target of $7,500, it must first overcome several significant resistance levels. The main initial hurdle is the $4,000 mark, aligned with the 1.618 Fibonacci extension of the previous cycle.
Breaking above this level would confirm the bullish market structure and pave the way for higher price targets. Negentrophic particularly observed in x:
We believe the market is moving in structures. And this structure gives us a target of ~7500 as the final high for eth. That is the 161.8% Fibonacci extensions of the structure we see developing currently. That would mirror the Fibonacci extension we saw in 2021. And it would also imply that a strong rally in eth would be set… soon!
ethereum Recovery Signs
Meanwhile, in the current market environment, eth has shown signs of recovery, moving from lows below $3,300 to around $3,483. However, the road to recovery is still fraught with challenges, as indicated by a slight downward trend in its weekly performance.
x/OfEfvIl9/” alt=”ethereum (eth) price chart on TradingView” />
Market experts such as Quinn Thompson of Lekker Capital have echoed similar bullish sentiments for ethereum, suggesting a possible surge to $7,000 by the upcoming US elections in November.
This projection aligns with broader optimism in the crypto community, where the mood has shifted from overwhelmingly bearish to cautiously optimistic about a significant rise in major cryptocurrencies.
<blockquote class="twitter-tweet”>
Title: We are in the midst of one of the most obvious and attractive cryptocurrency buying opportunities in recent times.
Subtitle: While the market has fully reset, the structurally positive election, liquidity, and crypto momentum cycles remain intact.
Body: In all my 5 years in…
—Quinn Thompson (@qthomp) twitter.com/qthomp/status/1806043691447926872?ref_src=twsrc%5Etfw” target=”_blank”>June 26, 2024
Featured image created with DALL-E, TradingView chart
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