Ethereum Breakout Moment: Can $7,500 Be Reached? Experts Say
Despite Ethereum’s recent lackluster performance, Glassnode co-founders, who operate under the moniker Negentropic on Elon Musk’s X social platform, argue that Ethereum’s potential has yet to be fully realized.
Negentrophic predicts that Ethereum could reach a high of $7,500 by analyzing historical data and market patterns similar to those in early 2021. This prediction is based on the current market structure and technical indicators such as the 161.8 Fibonacci extension level.
Jump into the $7,500 prediction
When evaluating these expert predictions, it appears that the Fibonacci extension levels that signaled Ethereum’s big rally in 2021 have now appeared on the ETH chart, suggesting that history may indeed repeat itself.
Technical analysis shows that a bullish flag pattern is forming on the Ethereum chart, which generally indicates a continuation of the bullish trend.
If this pattern holds, Ethereum could see significant price appreciation, especially considering the increased market interest and upcoming ETH spot ETF trading.
Ethereum will first need to overcome several important resistance levels to reach its expected price target of $7,500. The initial major hurdle is $4,000, which coincides with the 1.618 Fibonacci extension of the previous cycle.
A break above this level would confirm the bullish market structure and open the way to higher price targets, Negentrophic noted in particular on X.
We believe the market is moving structurally. And this structure is targeting ~7500 as the final high for ETH. That is the 161.8% Fibonacci extension from the structure we are currently developing. That would mirror the Fibonacci extensions we saw in 2021. And that also means a strong rally for ETH is about to begin!
Signs of Ethereum Recovery
Meanwhile, in the current market environment, ETH is showing signs of recovery, rising from lows below $3,300 to around $3,483. However, the road to recovery is still bumpy, as evidenced by the slight downtrend in weekly performance.
Market experts including Lekker Capital’s Quinn Thompson have similarly bullish views on Ethereum, suggesting that prices could rise to $7,000 by the time of the US presidential election in November.
This outlook is consistent with the broad optimism within the crypto community, which has shifted from overwhelmingly bearish to cautiously optimistic about the rapid rise of major cryptocurrencies.
Title: We are in the midst of one of the clearest and most attractive cryptocurrency buying opportunities in recent memory.
Subtitle: Markets Have Completely Reset, But The Structurally Positive Election, Liquidity, and Crypto Momentum Cycles Remain In Place
Body: For 5 years I…
— Quinn Thompson (@qthomp) June 26, 2024
Featured image made with DALL-E, charts from TradingView
