The creators of the crypto analysis platform Glassnode have a hunch that Ethereum (ETH) could experience a significant breakout before a potential phase of “super euphoria” in the crypto market.

Identified as Negentropic on X, Glassnode’s co-founders are sharing with their 63,000 followers the possibility of a bullish reversal pattern for Ethereum against Bitcoin (ETH/BTC).

Their analysis indicates that if the ETH/BTC breakout occurs, it could lead to substantial gains for alternative cryptocurrencies (alts) in June, a month historically known for positive performance in altcoin projects.

“Looking forward: movements in the altcoin market. Despite the price action of Ethereum, JASMY, RLC, and PEPE are showing strong upward trends. The ETH/BTC chart suggests a shift in momentum as Ethereum outpaces Bitcoin following the approval of the ETH exchange-traded fund [19b-4 forms]. Historically, June has been a favorable month for altcoins. Will this trend continue?”

As of the current writing, ETH/BTC is trading at 0.0542 BTC ($3,773), a decrease of nearly 1% in the past 24 hours.

The analysts anticipate that digital assets might be on the verge of reaching new all-time highs (ATHs), similar to the stock price of the tech company MicroStrategy, which holds a significant amount of Bitcoin.

“Could we be moving towards a state of ‘super euphoria’ in the crypto market? MicroStrategy has heavily invested in BTC, with its share price already surpassing levels from 2021. How much higher can MSTR go? By analyzing the Elliott Wave structure and Fibonacci, we see a potential target above the ATHs from 2000. This scenario will only materialize if euphoria continues to grow in BTC and the crypto market.”

Based on the analysts’ chart, they suggest that MicroStrategy could potentially reach $3,560, representing a 118% increase from its current value, utilizing the Elliott Wave theory and Fibonacci extensions.

The Elliott Wave theory proposes that a bullish asset typically experiences a five-wave surge, with waves one, three, and five being upward movements and waves two and four serving as correction periods.

Traders employ Fibonacci extensions in technical analysis to forecast profit targets and price retracements, utilizing Fibonacci ratios.

At the time of writing, MicroStrategy is trading at $1,631, up by 3.6% in the last 24 hours, while Bitcoin is trading at $70,282, up by nearly 2% in the same timeframe.

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