- ETH could rally 120% by the end of the current market cycle
ETH ETF launch could catalyze the rally and its relative strength against BTC
As a seasoned crypto investor with several years of experience under my belt, I share the optimistic outlook on Ethereum [ETH]. Based on historical market patterns and the analysis from reputable sources like Glassnode, I believe that ETH has the potential to rally by 120% or more by the end of this current market cycle.
According to the founders of Glassnode, a blockchain data intelligence firm, Ethereum [ETH] might experience substantial growth, potentially reaching triple-digit percentage increases, before the conclusion of the ongoing cryptocurrency market rally.
According to Jan Happel and Yann Allemand, who use the pseudonym Negentropic on X (previously known as Twitter), their analysis of historical trends indicates that ETH‘s price could potentially reach $7,500.
Based on our analysis, we hold the conviction that Ethereum’s market movements follow distinct patterns. This pattern indicates a potential peak around the ~7500 mark as the final high for ETH.
As an analyst, I would interpret Negentropic’s finding by stating that I observed ETH‘s price behavior in relation to its multi-year trendline resistance. Previous cycle peaks were indicated by this resistance level.
Before Ethereum’s previous significant price surge, there was a period of price stabilization, much like the current chart pattern suggests (indicated by the yellow section).
ETF to catalyze ETH’s 120% potential rally?
The founders had emphasized before that Ethereum (ETH) was gaining more significance compared to Bitcoin (BTC) and other cryptocurrencies. They predicted that the upcoming Ethereum ETF launch would significantly contribute to a new phase for Ethereum.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing trend: despite Bitcoin’s dominance, Ethereum is showing remarkable resilience and even outperforming it in some aspects. This relative strength could be driven by growing anticipation surrounding the potential launch of an Ethereum-based Exchange Traded Fund (ETF). If this comes to fruition, it might signal the beginning of a new market cycle for Ethereum.
Although ETH has gained ground versus Bitcoin and other cryptocurrencies, the Ethereum-to-Bitcoin (ETH/BTC) ratio continued to trend downward. This ratio is an indicator that shows ETH’s price movement in relation to Bitcoin on the price charts.
An alternative perspective from TechCharts’ analysis is that Ethereum (ETH) may reinforce Bitcoin’s leadership if it manages to surpass its current downward trendline.
The perspective on Ethereum (ETH) versus Bitcoin (BTC) is becoming more optimistic. A breakthrough from the negative trend line for ETH could potentially lead to better performance compared to Bitcoin.
The upcoming launch of the ETH ETF might clarify the direction of the Ethereum-to-Bitcoin market trend. SEC Chairman Gary Gensler has hinted that the regulatory approval process and subsequent debut could take place as early as this summer, potentially in July.
As a crypto investor, I’ve observed similar optimistic outlooks from Polymarket, a renowned predictions platform. They indicated that the probability of approval before early July surpassed 70%. It’s essential to mention here that according to Bitwise’s estimates, these ETFs are projected to draw in an impressive $15 billion in investments by 2025.
As I pen this down, ETH‘s value was at approximately $3,400 on the market, showing signs of bearish sentiment based on derivatives data. The trading volume saw a decrease of nearly 18% compared to previous periods, while Open Interest rates, which signify liquidity levels, dipped by roughly 3% in the last 24 hours.
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2024-06-29 11:03