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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In

Samuel Edyme
Samuel Edyme
1 year ago
2 mins read
Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off

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Despite Ethereum’s recent lackluster performance, Glassnode Co-founders, under the name ‘Negentrophic’ on Elon Musk’s X social platform, assert that ETH’s potential has yet to be 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.

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Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors

1 year ago

Diving Into The $7,500 Prediction

Assessing the prediction from 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 might indeed repeat itself.

Ethereum chart analysis.
Ethereum chart analysis. | Source: Negentrophic on X

The technical analysis shows a developing bull flag pattern on Ethereum’s chart, which typically indicates the continuation of a bullish trend.

Ethereum could be primed for a substantial price increase if this pattern holds, especially considering the increased market interest and forthcoming ETH spot ETF trading.

For Ethereum to achieve the anticipated $7,500 price target, it must first overcome several significant resistance levels. The initial major hurdle is the $4,000 mark, aligned with the 1.618 Fibonacci extension from the previous cycle.

Surpassing this level would confirm the bullish market structure and pave the way for reaching higher price targets. Negentrophic particularly noted on X:

We believe Market moves in structures. And this structure gives us a target at ~7500 as a Final High for ETH. That is the 161.8% Fib-extensions from the structure, we currently see developing. That would mirror the Fib-extension we saw back in 2021. And it would also imply a strong rally in ETH to set in …. soon!

Ethereum Signs of Recovery

Meanwhile, In the current market environment, ETH has shown signs of recovery, rising from lows below $3,300 to around $3,483. However, the road to recovery is still fraught with challenges, as indicated by a slight downtrend in its weekly performance.

Ethereum (ETH) price chart on TradingView
ETH price is moving sideways on the 1-hour chart. Source: ETH/USDT on TradingView.com

Market experts like Quinn Thompson of Lekker Capital have echoed similar bullish sentiments for Ethereum, suggesting a potential rise to $7,000 by the upcoming US election in November.

Related Reading

Ethereum Price Roadblocks

Ethereum Price Roadblocks: What’s Hindering A Fresh Increase?

1 year ago

This projection aligns with a broader optimism in the crypto community, where the mood has shifted from overwhelmingly bearish to cautiously optimistic about a significant surge for major cryptocurrencies.

Title: We are amidst one of the most obvious and attractive crypto buying opportunities of recent memory.

Subtitle: While the market has completely reset, the structurally positive election, liquidity and crypto momentum cycles remain intact.

Body: In all of my 5 years in…

— Quinn Thompson (@qthomp) June 26, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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