The co-creators of the crypto analysis platform Glassnode foresee a potential breakout for Ethereum (
ETH
) leading up to a phase of “super euphoria” in the crypto market.

Identified as Negentropic on the social media platform X, the founders of Glassnode share with their 63,000 followers that Ethereum’s performance against Bitcoin (ETH/
BTC
) indicates a bullish reversal pattern may be on the horizon.

Their analysis suggests that an ETH/BTC breakout could pave the way for significant gains in alternative cryptocurrencies (alts) during the month of June, historically known for strong performance in altcoin projects.

“Looking ahead: altcoin market movements. Despite fluctuations in Ethereum’s price, JASMY, RLC, and PEPE are experiencing notable uptrends. The ETH/BTC chart hints at a reversal trend as Ethereum outshines Bitcoin post approval of the ETH exchange-traded fund [19b-4 forms]. June has typically been a favorable month for altcoins. Will this trend persist?”

As of the current moment, ETH/BTC is valued at 0.0542 BTC ($3,773), showing a slight decrease of nearly 1% over the past 24 hours.

The analysts predict that digital assets may soon reach new all-time highs (ATHs), aligning with the surge in the stock price of tech company MicroStrategy due to its substantial Bitcoin holdings.

“Perspective: are we on the brink of ‘super euphoria’ in the crypto sphere? MicroStrategy has staked its business on BTC and has seen success thus far. Its stock price has surpassed 2021 levels. How far can MSTR rally? Based on Elliott Wave structure and Fibonacci, we anticipate a potential target surpassing the ATHs from 2000. This scenario is contingent on the growing euphoria in BTC and the crypto market.”

Consulting the analysts’ chart, it is suggested that MicroStrategy could climb to $3,560, representing a growth of over 118% from its current value, as per the Elliott Wave theory and Fibonacci extensions.

Elliott Wave theory posits that a bullish asset typically experiences a five-wave surge, with waves one, three, and five indicating upward movements and waves two and four serving as corrective phases.

Traders utilize Fibonacci extensions in technical analysis to project profit targets and price corrections, based on Fibonacci ratios.

At the time of writing, MicroStrategy is priced at $1,631, marking a 3.6% increase over the last 24 hours. Meanwhile, Bitcoin is valued at $70,282, showing an uptick of nearly 2% in the same timeframe.

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