dailyhodl.com
A crypto analyst who nailed Bitcoin’s 2018 bottom six months in advance is turning bullish on Ethereum ($ETH).
The analyst pseudonymously known as Bluntz tells his 273,300 followers on the social media platform X that the low for Ethereum is potentially in now that $ETH tagged its lowest level in six months in August.
According to the trader, Ethereum is now on the verge of reclaiming a range with an upper boundary at around $2,850.
Bluntz further says that Ethereum is exhibiting bullish divergence on the three-day time frame when paired with Bitcoin ($BTC). A bullish divergence occurs when the price of an asset records lower highs while a momentum oscillator such as the Relative Strength Index (RSI) witnesses higher lows.
Using Elliot Wave theory, it appears Bluntz is suggesting that Ethereum is forming a five-wave pattern on the four-hour time frame. Elliott Wave theory states that the main trend of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
From the chart, it also appears that Bluntz is suggesting that Ethereum could rally to around $3,400 in the coming days.
Ethereum is trading at $2,562 at time of writing while $ETH/$BTC is changing hands at 0.04256 $BTC.
According to the pseudonymous analyst, another reason for turning bullish on Ethereum is the fact that Solana ($SOL) is edging lower against $ETH.
“Solana/Ethereum about to get smoked as well in my opinion.”
$SOL/$ETH is trading at 0.05727 $ETH ($146) at time of writing.
Generated Image: DALLE3