The pseudonymous crypto analyst Bluntz, known for his successful prediction in 2018, believes that Ethereum (ETH) looks set for a massive rally in the coming months.
Bluntz says Ethereum has completed its correction period on the higher timeframe and is poised for a major breakout that could end the bear market. told. According to the crypto strategist, for the remainder of 2023, the leading altcoin ETH could outperform Bitcoin.
“I think (ETH) seems to be preparing for another bull run for the rest of this year. ETH has a nice underlying structure on the USD trading pair and the BTC trading pair has very nice signs of trend reversal on the higher timeframes. I expect ETH to outperform BTC.”
Looking at the chart shared by the analyst, he seems to have used the Elliott Wave model to evaluate Ethereum’s price action. The Elliott Wave Pattern is a technical analysis method used to analyze price movements. This pattern divides price movements into five phases in a specific order and order. Each phase represents a specific period when the price is in an uptrend or downtrend. Depending on the direction of the main trend, the phases are called “impulse waves” and “corrective waves”. The five-stage Elliott Wave model assumes that stages 1, 3, and 5 are bullish and stages 2 and 4 are corrections. These waves can be analyzed by measuring them based on Fibonacci ratios.
According to Bluntz’s prediction, Ethereum is currently trading in the early stages of the third wave that could bring its price closer to $4,000 before the end of 2023. As for the Bitcoin (ETH/BTC) outlook against Ethereum, he seems to anticipate that the pair could rally as high as 0.09 BTC at $2,750.
As a result, according to Bluntz’s analysis, the price of Ethereum will rise and reach a new high in the coming months. However, given the volatile nature of cryptocurrencies, it is important to be cautious before making any investment decision. There are risks and uncertainties in the market, and past performance is no guarantee of future results.
At press time, the leading altcoin is trading at $1,920.
You can follow the current price action here.