could post triple-digit gains by the end of this current market bull run, according to founders of the blockchain data intelligence firm Glassnode.
The founders, Jan Happel and Yann Allemann, who go by the pseudonym Negentropic on X ,“We believe market moves in structures. And this structure gives us a target at ~7500 as a Final High for #ETH.”Negentropic made their conclusion based on ETH’s price reaction to the multi-year trendline resistance. The trendline resistance marked previous cycle tops.
Additionally, before ETH’s last explosive cycle run, a price consolidation ensued, similar to the structure seen on the chart in relation to its current price action .ETH’s increasing relative strength against Bitcoin and the rest of the market. They tipped the upcoming launch of the ETH ETF as a key reason and possible catalyst for a new ETH cycle.
“In a Bitcoin-dominated market, Ethereum is showing relative strength. Speculation over an imminent ETF launch could be the catalyst. Is this the start of a new cycle?”Despite improving ETH’s relative strength against BTC and the rest of the market, the ETHBTC ratio was stuck in a downtrend. The ETHBTC ratio tracks ETH’s relative performance against BTC on the price charts.that ETH could confirm BTC’s outperformance if it breaks above its downtrend.
“$ETHBTC outlook is improving for $ETH. Breakout from downtrend channel can favor $ETH outperformance.”The ETH ETF’s launch could further define the trend of the ETHBTC ratio. In fact, according to the SEC Chair Gary Gensler, the approval and launch could happen in the summer itself, possibly in July., a predictions platform. It revealed that the odds of approval in early July were above 70%. Here, it’s worth noting that the ETFs areAt the time of writing, ETH was trading at $3.