dailyhodl.com
A widely followed analyst and trader believes that Ethereum (ETH) is gearing up for a big burst to the upside.
The analyst pseudonymously known as Bluntz tells his 230,700 followers on the X social media platform that Ethereum has officially entered bull territory after leaving its multi-month accumulation range.
According to the analyst, Ethereum will leave behind traders who are fixated on ETH’s performance against Bitcoin (ETH/BTC).
“ETH has well and truly broken out of a year and a half range now.
Just waiting for the inevitable rage pump that catches everyone out while they’re too busy shi**ing on ETH/BTC.”
When paired against the US dollar, Ethereum is trading at $2,373 at time of writing, up by around 93% so far this year. When paired against Bitcoin, Ethereum is trading at 0.05462 BTC at time of writing, down by around 23% year to date.
Looking at Bitcoin, Bluntz says that the flagship crypto asset will likely extend the rally that kicked off at around the $36,000 level. According to the analyst, Bitcoin looks poised for another move up while other traders are waiting for a deep corrective move.
“All I see is people taking profit and warning of impending 10-15% pullbacks.
You all are not ready for how far this leg from $36,000 extends.”
Bluntz is a popular practitioner of the Elliott Wave theory, a technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave rally with each wave having its own five sub-waves.
Looking at the trader’s chart, he seems to predict that Bitcoin will rise to as high as $53,000 before ending the five-wave surge.
Bitcoin is trading at $43,435 at time of writing.
Next up is the layer-1 smart contract blockchain Sui (SUI). According to Bluntz, Sui is gearing up to break out of its accumulation phase.
“SUI is another new coin that looks ready for the markup phase.
Had an 80% decline after initial listing pump and now some very nice accumulation.”
Sui is trading at $0.681 at time of writing, slightly above Bluntz’s accumulation range.
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