dailyhodl.com
An analyst who has earned the Master Trader rank on the crypto exchange Bybit believes that Ethereum ($ETH) is gearing up for new upside bursts.
Pseudonymous analyst Bluntz tells his 318,700 followers on the social media platform X that Ethereum appears to be in the midst of a five-wave rally on the four-hour chart.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave surge before going through a correction.
The analyst predicts that Ethereum will still hit his upside target of $3,500 even though President Trump’s latest tariff threats are weighing down markets.
“Despite the trump tariff tantrum which happened legit 10 minutes after I went to sleep, I think $ETH still looks ok and going to assume a range here.”
At time of writing, Ethereum is trading for $2,478.
The analyst is also bullish on the Ethereum-based memecoin SPX6900 ($SPX). Bluntz thinks that $SPX is now in an uptrend and en route to a new all-time high of $2.30 by October of this year.
“Bid some $SPX. Going to try and hold for all-time high.”
$SPX refers to the S&P 500 index, which satirically aspires to “topple the S&P 500 by achieving a staggering $69 trillion market cap.”
Fellow crypto strategist Jack is also bullish on $SPX, thinking that the memecoin will skyrocket if the S&P 500 itself explodes to a new all-time high.
“Since nothing makes sense anyway, it is probably a good bet to own SPX6900 if $SPX motors to all-time high, because well obviously $SPX going to 6900 will capture mindshare and apparently that is, besides just liquidity beta, what people will argue why SPX6900 goes up.
Bullish on incels.”
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