Leading Cryptocurrency Analyst Predicts Rapid Ethereum Recovery, Warns of Major ETH Rush

A widely followed crypto strategist believes that leading altcoin Ethereum (ETH) is about to hit a mid-cycle trough.

In a new video update, pseudonymous analyst Bluntz tells his 264,400 followers on social media platform X that Ethereum is about to conclude its corrective wave ABC.

Bluntz applies Elliott Wave Theory, which states that a consolidating asset tends to undergo an ABC correction before triggering a new five-wave wave.

“Looking at ETH/USD, we are basically at the bottom again here, but I think it would be very strange if we just went up from here…

I think ultimately ETH needs to break $2,800, break the low and reclaim it, and then we would eventually have what looks like a true ABC bear on Ethereum… [I think] we go sideways here on ETH for a little while and take the lows, then look to bounce.

Source: Bluntz/X

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 towards a cycle high of $8,000.

“I still firmly believe that ETH has not had its big run yet and I think it definitely will during this cycle. It’s just late.

This will probably be driven by the ETH ETF narrative, which is set to come out any day now. Everyone is talking about it, everyone is expecting it to be bullish news for ETH. So I think what will probably happen is that ETH will first sell off, hit the lows, screw everyone over and then start to get a big bullish push.

Source: Bluntz/X

At the time of writing, Ethereum is worth $3,048.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: Midjourney

Source