An expert in cryptocurrency, who accurately predicted the bottom of Bitcoin in 2018 six months in advance, is now optimistic about Ethereum (ETH).
Known as Bluntz on social media, the analyst shared with his 273,300 followers on X that Ethereum may have hit its lowest point for now, having reached a six-month low in August.
Bluntz believes that Ethereum is poised to reclaim a range with an upper limit around $2,850. He also notes a bullish divergence on the three-day chart when compared to Bitcoin (BTC).
Applying Elliot Wave theory, the analyst suggests that Ethereum is forming a five-wave pattern on the four-hour chart, indicating a potential rally to $3,400 in the near future.
Currently, Ethereum is trading at $2,562, with ETH/BTC at 0.04256 BTC.
Bluntz also points out that the weakening of Solana (SOL) against Ethereum is another reason for his bullish stance on ETH.
“Solana/Ethereum about to get smoked as well in my opinion.”
As of now, SOL/ETH is trading at 0.05727 ETH ($146).
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