A Popular Crypto Trader Predicts Ethereum Correction Before Massive Spring to Yearly Highs
A well-known crypto trader, known as Bluntz, believes that Ethereum (ETH) will experience further bearish price action before showing signs of strength. Bluntz suggests that ETH will form a double-bottom reversal structure on the daily chart before ending its correction and rallying.
Bluntz uses the Elliott Wave theory in his analysis, which predicts future price action based on crowd psychology. According to his chart, the fifth and final wave of the correction will likely end at $1,440. However, if ETH manages to bounce to $1,622 before reaching this downside target, Bluntz’s wave count will be invalidated.
While Bluntz is optimistic about a swift recovery for ETH, another crypto trader, Benjamin Cowen, has a more pessimistic view. Cowen suggests that Ethereum could experience a massive freefall, potentially dropping below $800 or even as low as $400.
Hot Take
Although there are differing opinions among crypto traders, it is clear that Ethereum is currently experiencing a correction. The question remains as to how low it will go before a potential rally. Investors should monitor ETH closely and consider the perspectives of various analysts before making any investment decisions.
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