Altcoins
Ethereum Hints at Altcoin Rebound Ahead of Potential ‘Super Euphoria’ Phase: Glassnode Founders
The founders of crypto analytics platform Glassnode believe that Ethereum (ETH) could burst before a possible cryptographic phase of “super euphoria”.
The co-founders of Glassnode, who go by the name Negentropic on the social media platform say their 63,000 subscribers that Ethereum against Bitcoin (ETH/BTC) can print a bullish reversal pattern.
According to analysts, the ETH/BTC breakout could signal that big gains are expected for altcoins in June, which has historically been a well-performing month for altcoin projects.
“Looking ahead: The altcoin market is evolving. Despite Ethereum’s price action, JASMY, RLC and PEPE are showing strong rebounds. ETH/BTC chart suggests trend reversal as Ethereum outperforms Bitcoin following ETH exchange traded fund. [19b-4 forms] approval. Historically, the month of June has been favorable for altcoins. Will the trend continue?
ETH/BTC is trading at 0.0542 BTC ($3,773) at the time of writing, down almost 1% in the last 24 hours.
The analysts suggest that digital assets could soon reach new all-time highs (ATH) with the stock price of technology company MicroStrategy due to its significant assets of Bitcoin.
“Opinion: Could we be heading towards ‘super euphoria’ in crypto? MicroStrategy has bet its entire business on BTC. And it has been a success so far. Its stock price is already above 2021 levels. How much further could MSTR rebound? The Elliott Wave and Fibonacci structure gives us a possible target above ATHs from the year 2000. This will only happen if euphoria continues to grow in BTC and crypto.
Source: Néguentropique/X
Looking at the analyst chart, they suggest that MicroStrategy could rise as high as $3,560, or over 118% of the current value, based on Elliott Wave Theory and Fibonacci Extensions.
The Elliott Wave Theory states that a bullish asset often witnesses a five-wave surge where waves one, three and five are upward movements and waves two and four are correction periods.
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines. They are based on Fibonacci ratios.
MicroStrategy is trading at $1,631 at the time of writing, up 3.6% in the last 24 hours. Meanwhile, Bitcoin is trading at $70,282 at the time of writing, up almost 2% in the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
Check Price Action
follow us on X, Facebook And Telegram
Surf The Hodl Daily Blend
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3