The founders of Glassnode predicted an increase in the price of Ethereum to $7,500

After studying historical data, we noticed that in 2021 a similar pattern was forming on the chart. Look at the areas highlighted in yellow. We believe that market changes are structural in nature. And this structure allows us to identify the target of the bullish trend, which is around $7,500,” the founders of Glassnode wrote. The chart published by experts shows that in 2021 and 2024, the Ethereum rate changed in a similar way. Therefore, analysts predict a resumption of the bullish rally, as a result of which the asset will rise in price by 161% from the lower line of the structure, indicated in yellow.

It follows the lows reached in May around $2800. Accordingly, the price of ETH will rise to $7308 if it increases by 161%. However, the founders of Glassnode made a bolder prediction and bet on the coin’s price to rise to $7,500. According to experts, the $7,500 mark will be the top of the bullish trend that emerged in the fall of 2023. Accordingly, after reaching this height in October-November 2024, a powerful downward trend will begin in the Ethereum market, and people who do not have time to get rid of coins may suffer colossal losses.