dailyhodl.com
A widely followed crypto strategist believes that the leading altcoin Ethereum ($ETH) is close to carving a mid-cycle bottom.
In a new video update, pseudonymous analyst Bluntz tells his 264,400 followers on the social media platform X that Ethereum is about to conclude its ABC corrective wave.
Bluntz practices the Elliott Wave theory, which states that a consolidating asset tends to witness an ABC correction before igniting a fresh five-wave surge.
“Looking at $ETH/USD, we’re basically down here at the lows again, but I think it would be very odd if we just moved up from here…
I think ultimately $ETH needs to sweep $2,800, take out the low and reclaim it and then finally we would have what looks like a proper ABC down on Ethereum… [I think] we go sideways here on $ETH for a little bit and take the lows and then look to bounce.”
According to the analyst, Ethereum’s ABC correction will eventually resolve to the upside, sending $ETH initially to a new all-time high of $6,000 before pulling back and rallying to a cycle top of $8,000.
“I still firmly believe $ETH has not had its big run yet and I do think it will definitely be coming this cycle. It’s just late.
It’s probably going to be induced by the $ETH ETF narrative, which is supposedly coming out any day now. Everyone’s talking about it, everyone’s expecting it to be this giga-bullish $ETH news. So I think what will most likely happen in my opinion is $ETH will sell off first, take the lows, f**k everyone over and then start to get bid up heavily.”
At time of writing, Ethereum is worth $3,048.
Generated Image: Midjourney