A widely followed crypto strategist believes that leading altcoin Ethereum (ETH) is close to a mid-cycle low.
In a new video update, pseudonymous analyst Bluntz tells his 264,400 followers on social media platform X that Ethereum is about to complete its ABC correction wave.
Bluntz applies the Elliott Wave theory, which states that a consolidating asset tends to witness an ABC correction before a new wave of five waves forms.
“Looking at ETH/USD, we are actually back at the bottom, but I think it would be very strange if we just went up from here…
I think eventually ETH needs to gather $2,800, take out the bottom and reclaim it, and then we finally have what looks like a real ABC on Ethereum… [I think] we go sideways here on ETH for a while and take the lows and then try to bounce.
According to the analyst, Ethereum’s ABC correction will eventually end on a positive note, initially sending ETH to a new all-time high of $6,000 before pulling back and recovering to a cycle top of $8,000.
“I’m still convinced that ETH hasn’t had a big run yet and I think it will definitely do so this cycle. It’s just late.
It will likely be driven by the ETH ETF story, which is said to be coming out any day now. Everyone is talking about it, everyone expects it to be huge bullish ETH news. So I think what will most likely happen in my opinion is that ETH will sell first, hit the lows, fuck everyone and then get heavily bid up.
At the time of writing, Ethereum is worth $3,048.
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Generated image: Midjourney