The co-founders of Glassnode, a blockchain analytics platform, foresee Ethereum (ETH) potentially surging by triple-digit percentages. Known as Negentropic on X, Jan Happel and Yann Allemann predict ETH could rise approximately 120% from its current level to achieve a new all-time high.

“Could ETH reach around $7,500 as its peak? Looking at ETH’s historical trends, we see a pattern similar to early 2021. Refer to YELLOW MARKINGS [below]! We believe in market structures, and this pattern points towards a peak around $7,500 for ETH. This aligns with the 161.8% Fibonacci extensions from the current structure in development, reminiscent of the 2021 Fib-extension. It signals a forthcoming strong rally in ETH.”

Source: Negentropic/X

The Glassnode co-founders emphasize Ethereum’s comparative strength among other cryptocurrencies. They suggest that speculation about an imminent launch of a spot ETF in the US could serve as a significant catalyst.

As of the latest update, Ethereum is trading at $3,400, slightly down by 1% over the past week.

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