{"id":626944,"date":"2024-06-29T00:30:24","date_gmt":"2024-06-29T00:30:24","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=626944"},"modified":"2024-06-28T17:09:26","modified_gmt":"2024-06-28T17:09:26","slug":"ethereums-breakout-moment-is-a-7500-target-achievable-experts-weigh-in","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/ethereum\/ethereums-breakout-moment-is-a-7500-target-achievable-experts-weigh-in\/","title":{"rendered":"Ethereum&#8217;s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In"},"content":{"rendered":"<p>Despite Ethereum&#8217;s recent lackluster performance, Glassnode Co-founders, under the name &#8216;Negentrophic&#8217; on Elon Musk&#8217;s X social platform, <a href=\"https:\/\/x.com\/Negentropic_\/status\/70454830\" target=\"_blank\" rel=\"noopener nofollow\">assert<\/a> that ETH&#8217;s potential has yet to be fully realized.<\/p>\n<p>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 <a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-smart-money-quant-bitmex-whales-eth-price\/\" target=\"_blank\" rel=\"noopener \">market structures<\/a> and technical indicators such as the 161.8 Fibonacci extension level.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/ethereum-news\/is-ethereum-about-to-take-off-analysts-weigh-in-amid-etf-approval-date-rumors\/\" target=\"_blank\" rel=\"noopener \">Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors<\/a><\/div>\n<h2>Diving Into The $7,500 Prediction<\/h2>\n<p>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.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GRE3-hwXIAADyNp?format=jpg&amp;name=medium\" alt=\"Ethereum chart analysis. \" width=\"1200\" height=\"558\"><figcaption class=\"wp-caption-text\">Ethereum chart analysis. | Source: Negentrophic on X<\/figcaption><\/figure>\n<p>The technical analysis shows a developing bull flag pattern on Ethereum&#8217;s chart, which typically indicates the continuation of a bullish trend.<\/p>\n<p>Ethereum could be primed for a substantial price increase if this pattern holds, especially considering the increased market interest and <a href=\"https:\/\/shenyangcang.com\/ethereum-news\/is-ethereum-about-to-take-off-analysts-weigh-in-amid-etf-approval-date-rumors\/\" target=\"_blank\" rel=\"noopener \">forthcoming ETH spot ETF<\/a> trading.<\/p>\n<p>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.<\/p>\n<p>Surpassing this level would confirm the bullish market structure and pave the way for reaching higher price targets. Negentrophic particularly noted on X:<\/p>\n<blockquote><p>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 &#8230;. soon!<\/p><\/blockquote>\n<h2>Ethereum Signs of Recovery<\/h2>\n<p>Meanwhile, In the <a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/bitwise-cio-spot-ethereum-etfs\/\" target=\"_blank\" rel=\"noopener \">current market environment<\/a>, ETH has shown signs of recovery, rising from lows below $3,300 to around $3,483. However, the road to recovery is still <a href=\"https:\/\/shenyangcang.com\/analysis\/eth\/ethereum-price-hurdle-3420\/\" target=\"_blank\" rel=\"noopener \">fraught with challenges<\/a>, as indicated by a slight downtrend in its weekly performance.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/OfEfvIl9\/\" alt=\"Ethereum (ETH) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">ETH price is moving sideways on the 1-hour chart. Source: ETH\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3AXRPUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/analysis\/eth\/ethereum-price-roadblocks-3450\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Roadblocks: What\u2019s Hindering A Fresh Increase?<\/a><\/div>\n<p>This projection aligns with a broader optimism in the crypto community, where the mood has shifted from overwhelmingly bearish to cautiously optimistic about a <a href=\"https:\/\/shenyangcang.com\/analysis\/eth\/ethereum-price-roadblocks-3450\/\" target=\"_blank\" rel=\"noopener \">significant surge<\/a> for major cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Title: We are amidst one of the most obvious and attractive crypto buying opportunities of recent memory.<\/p>\n<p>Subtitle: While the market has completely reset, the structurally positive election, liquidity and crypto momentum cycles remain intact.<\/p>\n<p>Body: In all of my 5 years in\u2026<\/p>\n<p>\u2014 Quinn Thompson (@qthomp) <a href=\"https:\/\/twitter.com\/qthomp\/status\/47926872?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">June 26, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite Ethereum&#8217;s recent lackluster performance, Glassnode Co-founders, under the name &#8216;Negentrophic&#8217; on Elon Musk&#8217;s X social platform, assert that ETH&#8217;s potential has yet to be fully realized. 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. Related Reading: Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors 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. The technical analysis shows a developing bull flag pattern on Ethereum&#8217;s chart, which typically indicates the continuation of a bullish trend. 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. Surpassing this level would confirm the bullish market structure and pave the way for reaching higher price targets. Negentrophic particularly noted on X: 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 &#8230;. 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. Related Reading: Ethereum Price Roadblocks: What\u2019s Hindering A Fresh Increase? 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\u2026 \u2014 Quinn Thompson (@qthomp) June 26, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":626945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,8323,1946,10336,92673,6931,78803],"class_list":["post-626944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-eth","tag-ethereum","tag-ethereum-analysis","tag-ethereum-predction","tag-ethereum-price","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In<\/title>\n<meta name=\"description\" content=\"Despite Ethereum recent lackluster performance, Glassnode Co-founders under the name &#039;Negentrophic&#039; on Elon Musk&#039;s X social platform...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ethereums-breakout-moment-is-a-7500-target-achievable-experts-weigh-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Breakout Moment: Is a $7,500 Target Achievable? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/shenyangcang.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum&#8217;s Breakout Moment: Is a $7,500 Target Achievable? 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