Founders of Glassnode, Jan Happel and Yann Alleman, highlight a significant accumulation phase for Ethereum, suggesting a potential upward movement soon.
Price Support and Expected Movements
Evaluations suggest that if Ethereum establishes $4,000 as a permanent support level, a substantial upward trend might commence. Researchers have observed price drops mainly on Fridays and Saturdays over the past 30 days, proposing these days as potential buying opportunities. Many investors anticipate a pullback during this timeframe. Jan Happel and Yann Alleman shared the following evaluation via social media:
> 'Another decline might occur before surpassing $4,000. The last month showed Fridays and Saturdays as optimal times for accumulation. Movement might increase once this level is surpassed.'
Short-Term Lateral Movement and Thereafter
According to analysts, Ethereum might follow a lateral trend for a short while. However, they share the view that a sudden and robust rise could be in the works following this period. Happel and Alleman conveyed their observations as follows:
> 'Ethereum took a short breather, yet a new move is anticipated.'
Impact of Bitcoin’s Network Growth
Glassnode founders also draw attention to the increase in Bitcoin’s network size. Network size measures changes in the number of users and transactions. Analysts suggest that this indicator has historically provided a positive signal for Ethereum, noting rapid price increases in similar past scenarios. Jan Happel and Yann Alleman expressed the following on this topic:
> 'Our core metrics showed a similar scenario prior to the next move when network growth accelerated, specifically on April 7, followed by an Ethereum price increase of over 100%. A similar process is now recurring.'
The current price of Ethereum is $3,955, with a recorded 3.2% increase in the past 24 hours. These price movements seem to corroborate the analysts’ predictions.
