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…
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