Expert Crypto Analyst Forecasts Ethereum’s Bottom Is Reached – Insights Revealed

A cryptocurrency analyst who accurately predicted Bitcoin’s lowest point in 2018 is now expressing optimism about Ethereum (ETH). Going by the pseudonym Bluntz, the analyst shared insights with his substantial following on X, indicating that Ethereum may have hit its bottom in August after reaching its lowest level in six months.

Bluntz suggests that Ethereum is poised to reclaim a price range with an upper limit around $2,850. Additionally, he notes a positive divergence in Ethereum’s performance against Bitcoin (BTC) on the three-day timeframe. This divergence occurs when an asset’s price shows decreasing highs while a momentum indicator like the Relative Strength Index (RSI) demonstrates rising lows.

Utilizing Elliott Wave theory, Bluntz implies that Ethereum is in the process of forming a five-wave pattern on the four-hour chart. According to this theory, asset trends typically follow a five-wave pattern in the main movement and a three-wave pattern during corrections. Looking at the chart, Bluntz hints that Ethereum could potentially surge to approximately $3,400 in the near future.

As of the latest data, Ethereum is trading at $2,562, while the ETH/BTC pair is exchanging at 0.04256 BTC. Another factor contributing to Bluntz’s bullish sentiment towards Ethereum is the comparative performance against Solana (SOL), with the analyst suggesting that Solana could weaken in its pairing with Ethereum.

The SOL/ETH pair is currently valued at 0.05727 ETH ($146) at the time of reporting. These insights from Bluntz indicate a positive outlook for Ethereum’s future performance in the cryptocurrency market.

It’s essential to note that all opinions expressed are for informational purposes only and should not be construed as investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All trading activities carry inherent risks, and individuals should be aware that any potential losses incurred are their responsibility. The Daily Hodl does not advocate for the buying or selling of specific cryptocurrencies or digital assets and does not serve as an investment advisor.