The co-founders of Glassnode, a blockchain analytics platform, foresee a significant surge in the price of Ethereum (ETH). Using the pseudonym Negentropic on social media platform X, Jan Happel and Yann Allemann believe that based on historical patterns, Ethereum could increase by around 120% to reach a new all-time high. They point to a similar pattern observed in early 2021 and suggest that this structure indicates a target price of approximately $7,500 for ETH, which aligns with the 161.8% Fib-extensions from the current developing structure. They anticipate a strong rally in Ethereum to occur soon. The Glassnode co-founders also note that Ethereum is displaying relative strength compared to other cryptocurrencies and speculate that the potential launch of a spot exchange-traded fund (ETF) in the US could act as a catalyst. Currently trading at $3,400, Ethereum has experienced a 1% decline over the past week.