As the ongoing bear market is already shaking investor confidence, a prominent trader has emerged with an optimistic view of Ethereum (ETH) compared to Bitcoin (BTC). This trader, known as Bluntz, is getting attention for suggesting that the Ethereum/Bitcoin (ETH/BTC) pair is about to break out.
Ethereum ready for a breakout
With a substantial Twitter following of 223,100, Bluntz shares his optimistic sentiment about Ethereum’s performance against Bitcoin. He suggests that the ETH/BTC pair is on the verge of a significant breakout, which could lead to a strong rally for Ethereum. Bluntz’s chart analysis points to the formation of a bearish wedge pattern, a pattern commonly associated with bullish market conditions.
eth/btc may be on the brink of a major breakout.
not sure if it is or not, but if it is, it’s game time for that $ETH pic.twitter.com/6AUchDYUfC
— Bluntz (@Bluntz_Capital) May 30, 2023
At the time of writing, Ethereum is trading at 0.06897834 BTC, which is equivalent to $1,849. This price forms the basis for a potential upside if Bluntz’s breakthrough prediction materializes.
“ETH/BTC may be on the verge of a major breakout.”
Bitcoin’s regarding development
Bluntz also offers insight into the Bitcoin/US dollar pair and warns of a worrying development. According to the trader, Bitcoin has dropped below a critical support level and is once again in the breakout range, indicating a potential cause for concern. Bluntz suggests that reducing exposure to Bitcoin could be a wise move in light of this development. However, Bitcoin is currently trading at $27,080.
The promising potential of the graph
In addition to his analysis of Ethereum and Bitcoin, Bluntz shares his views on The Graph (GRT), a blockchain indexing protocol. Highlighting a recent rally of more than 10% over the past week, the trader believes The Graph has even more upside potential. Notably, the altcoin has broken out of a bearish wedge pattern, indicating a favorable trading structure, according to Bluntz.
He expresses confidence that there is still plenty of room for growth, saying, “Still plenty of juice in the tank in my opinion.” At the time of writing, The Graph is trading at USD 0.129.
