An analyst who correctly predicted the 2018 floor price for Bitcoin (BTC) discussed the future performance of Ethereum and Solana cryptocurrencies in his assessments of the cryptocurrency market. Here are his thoughts on the subject…
Ethereum (ETH) has played an important role in the cryptocurrency market and has become a favorite of many investors. Analyst Bluntz focuses on ETH’s chart, making short-term predictions found. First, looking at the lower timeframe chart of ETH, it indicated that it has completed a corrective move.
Bluntz also emphasized that ETH showed an upward trend on the 30-minute chart. This shows that ETH thinks it has short-term upside potential.
“While ETH/BTC has been the bane of my ETH holding as it has been consistently down, I still think there is a nice flat setup here with a five-wave decline completion on the USD pair, with a nice lower time frame divergence to confirm this.
“I believe the ‘dip’ is over and we can at least make another high from here above $1,880.”
The analyst supports his analysis using Elliott Wave theory. This theory suggests that price movements follow a certain pattern, and these patterns can be helpful in predicting future prices. Therefore, Bluntz seems to foresee a scenario where ETH could rise above $1,900 in the short term.
At press time, the leading altcoin Ethereum is trading at $1,850.
As the second forecast topic, the analyst focuses on Solana. Solana has become a rapidly rising star in the altcoin world with a remarkable performance recently. Even though it’s up about 338% this year, Bluntz thinks Solana still has growth potential. This is a prediction that predicts that Solana has the potential to rise further in the future.
“Three-wave pullback of 18% in a monster uptrend, yes please. “This will go directly above $50.”
At press time, SOL is trading at $42.
Bluntz also follows the performance of the US dollar index (DXY) closely. Risky assets like crypto may see upward moves as the analyst believes DXY is poised for a significant correction.
“DXY is now well back within the higher time frame range. Let’s go!”
Based on the trader’s chart, Bluntz appears to be predicting that DXY could fall below the 100-point key support level. At press time, DXY is trading at 105,069 points.
You can follow the current price movement here.