If History Repeats in Ethereum, the Price May Reach $7,500!

Yann Allemann, founder of on-chain analysis platform Glassnode, said that the Ethereum (ETH) price is blinking at $ 7,500.

Glassnode founder Yann Allemann included Ethereum analysis in his X post shared on June 27. Stating that the markets follow a historical structure, the founder predicted that the price could climb to $7,500 if the cycle continues.

Pointing out that the current outlook is very similar to the pre-rise outlook in 2021, he noted that a 160% rise could come.

A similar formation in 2021 increased the price by 161%, from the $ 1,500 band to $ 4 thousand. The analyst reiterated that the Fibonacci line from 2018 points to the $7,500 peak:

Looking at the history of Ethereum, we see that we have a similar pattern in Ethereum development in early 2021. Look for the YELLOW SIGNS! We believe that the market moves in structures. And this structure gives us the 7,500 target as the last stop for Ethereum. This is the 161.8% Fib extensions in the structure we are currently seeing developing. When looked closely, it reflects the Fib extension we saw in 2021.

According to CoinGecko data, Ethereum, which has increased by 1.2% in the last 24 hours, is traded at $ 3,441 at the time of writing.