A widely followed analyst claims that leading altcoin Ethereum (ETH) is poised for a major rally.
The analyst, known by the pseudonym Bluntz, said that Ethereum has completed an important phase in the cryptocurrency market and left its accumulation range behind. stated. The analyst states that Ethereum has now officially stepped into the bull zone. According to the analyst’s observations, this turning point for Ethereum may present various opportunities for investors, especially with the expectation of a significant increase in Ethereum’s performance against Bitcoin.
According to Bluntz, the change in Ethereum’s performance during this period will particularly affect investors focusing on the ETH/BTC trading pair and reveal the potential for Ethereum to demonstrate a strong performance against Bitcoin.
“ETH has now well and truly surpassed its year and a half accumulation window.
NEWS CONTINUES BELOW“I’m just waiting for the inevitable violent uptick that will catch up with everyone who is busy trading on ETH/BTC.”
Ethereum is trading at $2,373 at press time. When paired with Bitcoin, Ethereum is trading at 0.05462 BTC. The recent Bitcoin rally has caused ETH to lose strength against BTC.
Another altcoin on the analyst’s radar is layer 1 smart contract blockchain Sui (SUI). According to Bluntz, Sui is preparing to exit the accumulation phase.
“SUI is a new cryptocurrency that looks ready for the bullish phase. “After the initial listing spike, we had an 80% drop and now there is a very nice accumulation period.”
At press time, Sui is trading at $0.681, slightly above Bluntz’s accumulation range.
Bluntz also offered a unique perspective on Bitcoin’s current price activity. According to Bluntz’s analysis, the rise in the value of BTC seems to continue with a momentum starting from $ 36,000 levels. This means that many other traders, especially Bitcoin, may be heading for an unexpected rally while the market is expecting a deep correction.
“All I see is people taking profits and warning of the impending 10-15% pullback. “Not all of you are ready to see how far this rise, which started at $ 36,000, will extend.”
Based on Bluntz’s analysis, the cryptocurrency community is learning that Elliott Wave theory could shape Bitcoin’s future journey. This theory holds that an asset in an uptrend has a five-wave rally, with each wave containing its own five sub-waves. According to Bluntz’s chart analysis, Bitcoin is predicted to rise as high as $53,000 before its five-wave rise is complete.
The leading cryptocurrency is trading at $43,435 at press time.
You can follow the current price movement here.