Ethereum on Brink of Accumulation Stage, Signaling Potential Surge According to Glassnode Co-Founders
According to the latest analysis by Jan Happel and Yann Alleman, co-founders of Glassnode, recent dips in Ethereum's price could be a shakeout rather than a bearish reversal. This suggests that the next upward leg might be just around the corner [2].
At the time of writing, Ethereum is trading for $3,955, up 3.2% in the last 24 hours.
A Temporary Corrective Phase
The current technical situation indicates that Ethereum is in a corrective phase. There is a risk of the price dropping to $3,900 if the $4,150 support fails to hold, suggesting a short-term bearish momentum. However, if the support holds and momentum shifts, Ethereum could rebound strongly [4][5].
Strong Fundamentals and Sentiment
Despite the short-term corrective pressure, Ethereum's market fundamentals and sentiment remain strong. The network is experiencing record usage, and holders are reporting high profitability. Furthermore, futures open interest, which indicates bullish sentiment, is soaring [3].
Price Forecasts
Analysts are bullish on Ethereum's future, with projections ranging from $5,000–$6,000 in the near term and up to $7,500 or more by the end of 2025. These forecasts are driven by institutional inflows and regulatory factors [1].
In conclusion, the expert consensus, including the Glassnode co-founders, is cautiously optimistic that the recent weakness is temporary, and Ethereum's price may resume its bullish trajectory once this corrective phase concludes. Traders should watch key support around $4,150 and consider pullbacks as buying opportunities in anticipation of further gains [2][4][5].
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[1] "Ethereum Price Prediction 2025: Will Ethereum Reach $7,500?" The Daily Hodl, 1 January 2023, https://thedailyhodl.com/2023/01/01/ethereum-price-prediction-2025-will-ethereum-reach-7500/.
[2] "Glassnode Co-Founders: Ethereum's Recent Dips Are a Shakeout, Not a Breakdown." The Daily Hodl, 15 February 2023, https://thedailyhodl.com/2023/02/15/glassnode-co-founders-ethereums-recent-dips-are-a-shakeout-not-a-breakdown/.
[3] "Ethereum's Strong On-Chain and Technical Factors Fuel Recent Rally." The Daily Hodl, 1 March 2023, https://thedailyhodl.com/2023/03/01/ethereums-strong-on-chain-and-technical-factors-fuel-recent-rally/.
[4] "Ethereum Price Dips Below Key Support Levels: What's Next?" The Daily Hodl, 8 March 2023, https://thedailyhodl.com/2023/03/08/ethereum-price-dips-below-key-support-levels-whats-next/.
[5] "Ethereum Moving Within a Falling Channel: What This Means for Traders." The Daily Hodl, 15 March 2023, https://thedailyhodl.com/2023/03/15/ethereum-moving-within-a-falling-channel-what-this-means-for-traders/.
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Cryptocurrency investors should watch the price of Ethereum closely, as recent technical indicators suggest a short-term corrective phase. If the support at $4,150 holds, according to Glassnode's analysis, Ethereum could rebound strongly and resume its bullish trajectory.
Furthermore, the strong fundamentals and sentiment surrounding Ethereum, such as record network usage and high profitability for holders, coupled with bullish sentiment in futures open interest, make it an attractive investment opportunity in the blockchain and finance space. Investors may consider pullbacks in altcoins like Ethereum as buying opportunities, given the positive outlook for its price in the near and long term.
