Ethereum (ETH) May Break Out Ahead of a Possible 'Super Euphoria' Crypto Phase, Glassnode Founders Say

The co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 63000 followers that Ethereum against Bitcoin (ETH/BTC) may be printing a bullish reversal pattern.

Crypto analytics platform Glassnode is keeping a close eye on the markets and sharing their insights with the masses. Here's a quick rundown of what they had to say recently.

According to Glassnode, Ethereum (ETH) could be poised for a breakout ahead of a possible “super euphoria” crypto phase. The co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, shared a chart with their 63,000 followers that shows ETH against Bitcoin (ETH/BTC) potentially printing a bullish reversal pattern.

The analysts say that the ETH/BTC breakout could signal strong gains for alts in June, which has typically been a good month for altcoin projects.

“Looking ahead: altcoin market moves. Despite Ethereum’s price action, JASMY, RLC and PEPE show strong rallies. The ETH/BTC chart suggests a trend reversal as Ethereum outperforms Bitcoin following the ETH exchange-traded fund [19b-4 forms] approval. Historically, June has been favorable for altcoins. Will the trend continue?”

ETH/BTC is trading for 0.0542 BTC ($3,773) at the time of writing, down nearly 1% in the past 24 hours.

The analysts also suggest that digital assets may soon be reaching new all-time highs (ATHs) together with the stock price of tech company MicroStrategy, which is known for its large holdings of Bitcoin.

“Opinion: could we be heading towards ‘super euphoria’ in crypto? MicroStrategy has been betting their entire business on BTC. And has been successful so far. Its share price already exceeds the level from 2021. How much more could MSTR rally? Elliott Wave structure and Fibonacci gives us a possible target above ATHs from year 2000. This will only happen if euphoria keeps building in BTC and crypto.”

The analysts’ chart suggests that MicroStrategy could surge to $3,560, over 118% of the current value, based on the Elliott Wave theory and Fibonacci extensions.

The Elliott Wave principle states that a bullish asset often experiences a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods.

Fibonacci extensions are used by traders in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.

MicroStrategy is trading for $1,631 at the time of writing, up 3.6% in the last 24 hours. Meanwhile, Bitcoin is trading for $70,282 at the time of writing, up nearly 2% in the last 24 hours.