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.
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 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.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.
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.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)Featured image created with DALL-E, Chart from TradingView