Glassnode Predicts: Ethereum [ETH] Poised for 120% Rally by Year-End as ETF Launch Approaches.

Jan Happel and Yann Allemann, founders of blockchain data intelligence firm Glassnode, suggest that Ethereum (ETH) could see a massive price increase at the end of the current bull market. Sharing posts under the pseudonym Negentropic on X (formerly Twitter), the team states that historical price models support a potential rally of ETH and that the price of ETH can reach approximately $ 7,500 per token.

Negentropic's analysis is based on Ethereum's reaction to historical trendline resistances, which have previously marked cycle tops. The team predicts that the impact of this trend line indicates a significant price increase and that ETH could potentially make a strong move after consolidating. The founders emphasize that past behavior is similar to the current structure and suggest that a significant gain can be achieved following a similar consolidation phase.

The possible launch of the Ethereum ETF is seen as a critical catalyst of this projected rally. According to Glassnode, Ethereum's relative strength compared to Bitcoin (BTC) and other cryptocurrencies is increasing, and the ETF launch is considered a possible trigger of a new bull cycle.

“Ethereum is showing relative strength in a market predominantly driven by Bitcoin. “The anticipated ETF launch could be an important catalyst.”

Despite this optimism, the ETHBTC rate (the rate that tracks ETH's performance against BTC) currently appears to be in a downtrend. However, a breakout from this downtrend could confirm ETH's potential to outperform BTC and further support the bullish narrative. Analyst TechCharts notes that a breakout could keep Ethereum's performance above Bitcoin, reinforcing the projections discussed by Glassnode.