The creators of crypto data platform Glassnode foresee a potential breakout for Ethereum (
ETH
) as the crypto market enters a phase of “super euphoria.”
Identified as Negentropic on X, Glassnode’s co-founders share with their 63,000 followers that Ethereum against Bitcoin (ETH/
BTC
) may be forming a bullish reversal pattern.
Their analysis suggests that the ETH/BTC breakout could signal significant gains for alternative cryptocurrencies in June, a month historically known for strong performances by altcoin projects.
“Looking ahead: altcoin market movements. Despite Ethereum’s price fluctuations, JASMY, RLC, and PEPE are experiencing notable uptrends. The ETH/BTC chart indicates a shift in trend as Ethereum begins to outperform Bitcoin following the approval of the ETH exchange-traded fund [19b-4 forms]. Historically, June has been a favorable period for altcoins. Will this trend persist?”
At the time of writing, ETH/BTC is trading at 0.0542 BTC ($3,773), showing a slight decline of almost 1% over the past 24 hours.
The analysts predict that digital assets, along with tech company MicroStrategy’s stock price, may soon reach new all-time highs (ATHs) due to the firm’s substantial holdings of Bitcoin.
“Perspective: are we on the brink of ‘super euphoria’ in the crypto space? MicroStrategy has staked its entire business on BTC and has seen success thus far. Its stock price has surpassed 2021 levels. How much further could MSTR climb? The Elliott Wave structure and Fibonacci analysis suggest a potential target above ATHs from the year 2000. This scenario will only materialize if enthusiasm continues to grow in BTC and crypto.”
Examining the analysts’ chart, it is suggested that MicroStrategy could surge to $3,560, representing a growth of over 118% from its current value, based on the Elliott Wave theory and Fibonacci extensions.
According to the Elliott Wave theory, a bullish asset typically experiences a five-wave surge, with waves one, three, and five being upward movements, while waves two and four serve as corrective phases.
Traders utilize Fibonacci extensions in technical analysis to determine profit targets and price retracements, based on Fibonacci ratios.
At the time of publication, MicroStrategy is trading at $1,631, reflecting a 3.6% increase over the last 24 hours. Meanwhile, Bitcoin is trading at $70,282, showing a nearly 2% rise in the same period.
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Disclaimer: The opinions expressed by The Daily Hodl do not constitute investment advice. Investors are advised to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you make are done at your own risk, and any resulting losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.
