Glassnode co-founders believe Ethereum (ETH) could skyrocket by 120% from its current level.
Historical Pattern
They point to a similar pattern in early 2021, where ETH rallied significantly. Based on this, they predict a target price of around $7,500, which would mirror the Fibonacci extension seen in 2021.
Relative Strength
Ethereum is currently showing relative strength compared to other cryptocurrencies.
ETF Catalyst
The founders speculate that speculation about an imminent spot ETF launch in the US could be a catalyst for the rally.
Current Price
As of writing, ETH is trading at $3,400, down 1% over the last seven days.
