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

Ethereum (ETH) could be on the verge of a substantial price surge, according to blockchain data intelligence firm Glassnode. Founders Jan Happel and Yann Allemann, posting as Negentropic on X (formerly Twitter), predict a potential 120% rally, projecting ETH to reach around $7,500 per token by the end of the current bull market.

Negentropic's forecast is grounded in Ethereum’s historical responses to key trendline resistances, which have historically marked market cycle peaks. They suggest that ETH's current market behavior mirrors past consolidation phases, which have typically been followed by significant gains.

A major catalyst for this anticipated rally is the potential launch of an Ethereum ETF. Glassnode highlights Ethereum's growing strength relative to Bitcoin (BTC) and other cryptocurrencies, suggesting the ETF launch could ignite 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,” they note.

While the ETHBTC rate—tracking ETH's performance against BTC—currently trends downward, a breakout could signal ETH's potential to outperform BTC, bolstering the bullish outlook. Analyst TechCharts adds that such a breakout would reinforce Ethereum's performance, supporting Glassnode's optimistic projections.#ETH🔥🔥🔥🔥 $ETH