The co-founders of Glassnode, a platform for analyzing blockchain data, have a bold prediction for Ethereum (ETH). Jan Happel and Yann Allemann, who go by the pseudonym Negentropic on social media, believe that based on historical patterns, Ethereum could surge by around 120% to reach a new all-time high.
Drawing parallels to the early months of 2021, Happel and Allemann point to a similar pattern in Ethereum’s development. They emphasize that market movements follow certain structures, and based on this structure, they predict that Ethereum could potentially reach a final high of approximately $7,500. This would align with the 161.8% Fibonacci extensions observed during the previous rally in 2021.
The Glassnode co-founders also highlight Ethereum’s relative strength compared to other cryptocurrencies. They speculate that the anticipation of a spot exchange-traded fund (ETF) launch in the US could serve as a catalyst for Ethereum’s upward trajectory.
At the time of writing, Ethereum is trading at $3,400, with a slight 1% decrease over the past week. As the second-largest cryptocurrency by market capitalization, Ethereum continues to garner attention and maintain its position as a significant player in the crypto market.
Please note that the opinions expressed by the Glassnode co-founders and the information provided in this article are not investment advice. Investors are encouraged to conduct their own research and exercise caution when engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is important to understand that transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor do they serve as investment advisors.
