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- The analyst predicts that Ethereum could witness another rally as it moves away from the multi-month accumulation range to the bullish zone.
- Bitcoin is also expected to hit $53,000 using the Elliott Wave theory.
Ethereum (ETH) is currently up by 12% in the last seven days with a bullish market sentiment at a score of 61/100. In the last three months, the asset has surged by 45%, adding $738.93 to its previous price. As of press time, Ethereum was trading at $2,362.60 after recording a 24-hour gain of 0.24%.
Analysts believe that the asset could go down below $2000 when sellers reject additional surges. If that does not happen, the price could move to $3000. Speaking on the asset, an analyst pseudonymously known as Bluntz has disclosed to his 230,700 X followers that Ethereum is only gearing up for another bullish run. According to him, the asset is currently moving from its multi-month accumulation range to enter the bullish zone. This implies that investors focusing on the ETH/BTC could be left behind.
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 USD, Ethereum is 93 percent up from year to date. However, the asset is 23 percent down from year to date when paired against Bitcoin.
Bluntz Analysis on Bitcoin and Sui After Bullish Prediction on Ethereum
The analyst also made a quick price analysis on Bitcoin (BTC). As of press time, the leading crypto asset was trading at $43,838.46 with a sentiment score of 53/100. In the last 24 hours, Bitcoin was up by 0.63%, and also up by 13% in the last seven days.
Interestingly, Bluntz believes that the current rally that started from the $36,000 price level could be extended.
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 reported to be a fan of the Elliott Wave theory. This theory predicts the future price action using crowd psychology that appears in waves. The theory discloses that a bullish rally goes through a five-wave rally. Interestingly, each wave has five sub-waves. Using this theory, it is likely that the Bitcoin price would finish its five-wave surge at $53,000. A price prediction platform has also predicted that the minimum the Bitcoin price could go this year is $52,606.15. On average, Bitcoin is expected to trade at $65,757.68. From here, it could target $78,909.22 before the year ends.
Bluntz also spoke about the layer-1 smart contract blockchain Sui (SUI). According to him, this altcoin is preparing for a bullish run.
SUI is another new coin that looks ready for the markup phase. Had an 80% decline after the initial listing pump and now some very nice accumulation.
Sui is currently trading at $0.702186 after surging by 1.58% in the last 24 hours. The asset has also made a weekly run of 13%. According to analysts, the highest this asset can go before the year ends is $1.26.
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