A Prominent Analyst Anticipates a Major Surge in Ethereum
A well-known analyst and trader, known as Bluntz, believes that Ethereum (ETH) is preparing for a significant upward movement. According to Bluntz, Ethereum has officially entered a bullish phase after breaking out of its multi-month accumulation range. The analyst suggests that traders who are solely focused on ETH’s performance against Bitcoin will be left behind.
Bluntz predicts an “inevitable rage pump” for Ethereum, catching many people off guard while they are busy criticizing ETH/BTC. Currently, Ethereum is trading at $2,373 against the US dollar, marking a 93% increase this year. However, when paired with Bitcoin, Ethereum’s value stands at 0.05462 BTC, representing a 23% decline in 2023.
Bitcoin’s Rally Expected to Continue
Bluntz also shares his insights on Bitcoin, stating that the flagship cryptocurrency is likely to extend its rally that began around the $36,000 level. While some traders anticipate a deep corrective move, Bluntz sees further upward potential for Bitcoin. He warns that profit-taking and concerns of pullbacks do not align with the extent of the current leg from $36,000.
The Elliott Wave Theory and Bitcoin’s Potential
Bluntz is known for practicing the Elliott Wave theory, which utilizes crowd psychology to predict price movements. According to his analysis, Bitcoin could surge as high as $53,000 before completing its five-wave rally. At present, Bitcoin is trading at $43,435.
Spotlight on Sui: A Potential Breakout
Bluntz also highlights Sui, a layer-1 smart contract blockchain that appears ready to break out of its accumulation phase. Sui experienced an 80% decline following its initial listing pump but has since shown signs of accumulating momentum. As of now, Sui is trading at $0.681, slightly above Bluntz’s accumulation range.
Hot Take: Analyst Anticipates Bullish Momentum for Ethereum and Bitcoin
According to prominent analyst Bluntz, Ethereum is poised for an “inevitable rage pump” after breaking out of its long-term accumulation range. He believes that traders who solely focus on ETH/BTC will miss out on the potential surge. Bluntz also predicts further upward movement for Bitcoin, dismissing concerns of profit-taking and pullbacks. His analysis aligns with the Elliott Wave theory, suggesting that Bitcoin could reach $53,000 before completing its current rally. Additionally, Bluntz highlights Sui as a promising altcoin that may experience a breakout soon.
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