Could Ethereum’s Price Surge 120%? An analysis by Glassnode, a prominent analytics platform, suggests that Ethereum (ETH) could experience a substantial triple-digit percentage increase in value.
Jan Happel and Yann Allemann, known as Negentropic on X, emphasized in their recent analysis that Ethereum, the largest altcoin by market cap, could potentially surge by around 120% based on historical patterns, potentially setting a new all-time high.
Expert projections indicate that Ethereum’s price could reach up to $7,500 as its peak. Currently, ETH is trading at approximately $3,400.
“If we examine Ethereum’s history, we can observe a similar developmental pattern as seen in early 2021,” noted the analysis. “We believe in the market’s structural movements, which project a target around $7,500 as the ultimate high for ETH. These projections align with the 161.8% Fibonacci extensions of the current developing structure, mirroring patterns seen in 2021. A significant rally in ETH is anticipated soon.”
The highest price ever paid for Ethereum was $4,878.26, recorded on November 10, 2021. Currently, ETH is trading 29.16% below this historical peak.
SEC Approval for Ethereum ETF Expected on July 4
The U.S. Securities and Exchange Commission (SEC) is progressing towards potential approval of exchange-traded funds (ETFs) tied to Ethereum’s spot price, signaling a potential shift in the cryptocurrency investment landscape. A final decision on approval is slated to be announced by July 4, 2024.
Several major ETF issuers, including industry giants such as BlackRock, VanEck, Franklin Templeton, and Grayscale Investments, are actively seeking approval from the SEC. The successful introduction of Bitcoin spot ETFs earlier this year underscored market acceptance and marked a new era after extensive regulatory negotiations.
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Disclaimer:
The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.