tl;dr
The co-founders of Glassnode, Jan Happel and Yann Alleman, have identified a strong accumulation phase for Ethereum (ETH), indicating a potential significant rally. They highlight that reclaiming the $4,000 support level could trigger a major breakout. The analysts note buying opportunities on Frida...
The co-founders of market intelligence firm Glassnode have identified a strong accumulation phase underway for Ethereum (ETH), signaling the potential for a significant rally. Jan Happel and Yann Alleman, known as Negentropic on social media platform X, suggest that reclaiming the $4,000 level as support could ignite an explosive breakout for the top altcoin.
According to the analysts, ETH shows a buying opportunity, particularly on Fridays and Saturdays, the two days when the price has historically declined over the past 30 days. They note, “We might be lucky enough to experience one more retrace before ETH punches through $4,000. Friday and Saturday have generally been for accumulating over the past month. Once it does, strap in, because the ride will be wild.”
Happel and Alleman predict a brief consolidation period for ETH before it unleashes a sudden and powerful upward move. Their words capture the excitement: “ETH with a small breather, but the next move is loading and will melt faces.”
Beyond Ethereum, the Glassnode co-founders point to Bitcoin’s (BTC) network growth metric as a bullish indicator for ETH. This metric tracks user activity and transaction volume, and its recent acceleration mirrors historic precedents. They highlight that the last time this indicator surged alongside a liquidity reset was on April 7th, marking the global market bottom of the year. From that point, ETH rallied over 100%, and now, they suggest, a similar trajectory is unfolding, inviting investors to anticipate what comes next.