The founders of the crypto analytics platform Glassnode have made a bold prediction of a substantial rally for Ethereum (ETH), setting a price target of $7,500 by 2025.
The pundits operating under the pseudonym “Negentropic” on the X platform emphasized historical patterns and technical analysis to bolster their forecast, particularly emphasizing that ETH could experience moves similar to the last bull run.
“If we look to ETH history, we observe how we in early 2021 had similar patterns for ETH developing… We believe Market moves in structures,” the pundits wrote, adding “ETH to ~7500 USD as a Final Top? 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. This would mirror the Fib-extension we saw back in 2021, implying a strong rally in ETH to commence soon!”.
Earlier this week, the duo highlighted Ethereum’s relative strength in a market dominated by Bitcoin. They suggested that speculation surrounding an imminent ETF launch could act as a catalyst, prompting them to question whether this marks the beginning of a new cycle.
Other analysts also remain optimistic, with renowned technical analyst “LindaTrades,” noting that Ethereum is currently consolidating within an upward channel, poised to gather momentum for potential gains from $4,000 to $4,800 between August and September.
That said, market experts are increasingly optimistic about Ethereum’s future, especially regarding the potential approval of Ethereum spot ETFs. Anticipation has been ahead of expected regulatory decisions next week, with experts projecting significant market impacts upon approval.
Earlier this week, Standard Chartered estimated that the approval of Ethereum spot ETFs could attract up to $45 billion in inflows within the first year alone. According to their analysis, this influx of capital could propel ETH’s price to as high as $8,000 by the end of 2024.
Similarly, analysts from Steno Research forecasted net inflows ranging from $15 to $20 billion into Ethereum-focused funds over the year, underscoring growing institutional interest despite some market skepticism. They predict ETH could reach “at least $6,500,” driven by the expected influx of funds into ETFs.
Furthermore, VanEck analysts adjusted their long-term forecast for Ethereum earlier this month, now targeting $22,000 by 2030.
Despite experiencing a brief setback this week, ETH demonstrated resilience over the weekend, maintaining a narrow trading range on smaller timeframes as traders adopted a “risk-off” approach ahead of anticipated spot ETF approvals.
At press time, the coin was trading at $3,387, reflecting a slight 0.59% decline over the past 24 hours. According to CoinMarketCap data, its trading volume also decreased by 25% during the same period to $6.7 billion.
