Analysts at blockchain analytics platform Glassnode believe leading altcoin Ethereum could skyrocket by triple-digit percentage points. One analyst with a large following says that a meme coin that has made huge gains in the past five months looks poised to go even higher.
Glassnode analysts: Leading altcoin ready to explode 120%!
As you’ve been following on Kriptokoin.com, Ethereum saw strong gains after the SEC gave the green light to spot Ethereum ETFs. However, this could be just a trailer. Glassnode analysts Jan Happel and Yann Allemann, who use the pseudonym Negentropic on the social media platform X, say that based on history, Ethereum could reach an all-time high, rising about 120% from current levels. In this context, analysts make the following statement:
ETH last peak at around $7,500? If we look at ETH history, we observe how we developed a similar pattern for ETH in early 2021. Look at the yellow signs! We believe that the market moves in structures. And this structure gives us a target of around $7,500 as an eventual top for ETH. This is a 161.8% Fib-extension of the structure we see developing right now. This would mirror the Fib extension we saw in 2021. And it also means that a strong rally in ETH will start soon ….!
Glassnode analysts also say Ethereum is currently exhibiting relative strength compared to other crypto assets. Speculation about the “imminent” launch of a spot exchange-traded fund (ETF) in the US could be the catalyst, Happel and Allemann note. Meanwhile, the leading altcoin was trading at $3,441 at the time of writing. ETH is up 1% in the last 24 hours and down 1.5% in the last seven days.
Altcoin Sherpa: WIF is ready to skyrocket!
Elsewhere, an analyst nicknamed Altcoin Sherpa says that meme coins have recovered nicely from the recent market crash. According to the analyst, the meme coin dogwifhat (WIF) is ready to skyrocket, even though it has already made big gains this year. Accordingly, the analyst shares the following assessment:
Some meme coins are making a strong bounce off their local lows. WIF will probably go to at least $2.50, MOG is one of the stronger ones and PEPE is in a solid bounce area. Let’s see if these areas are sustainable.
In January, WIF was trading at $0.069. It is currently trading at $2.16, a gain of about 3,088%.
Analyst undecided on SOL!
Altcoin Sherpa then looks at Ethereum rival Solana (SOL). The analyst says he believes the altcoin will eventually approach the $170 price tag. However, he also notes that it could fall to even lower prices. In this context, the analyst said, “SOL: I think this will go higher in general. It will be decided whether this is a ‘bottom’ or not; I’m a bit skeptical about that. I still think we could see the lows again later on.”
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