A crypto analyst who predicted Bitcoin’s 2018 bottom six months in advance is turning bullish on Ethereum (ETH).
The analyst known as Bluntz tells his 273,300 followers on social media platform X that the bottom for Ethereum is potentially being reached now that ETH hit a six-month low in August.
According to the trader, Ethereum is now on the verge of re-entering a range with an upper limit at around $2,850.
Bluntz adds that Ethereum is exhibiting bullish divergence on the three-day time frame when paired with Bitcoin (BTC). A bullish divergence occurs when an asset’s price is making lower highs while a momentum oscillator such as the relative strength index (RSI) is making higher lows.
Using Elliott Wave Theory, it appears that Bluntz is suggesting that Ethereum is forming a five-wave pattern over a four-hour time frame. Elliott Wave Theory states that an asset’s primary trend moves in a five-wave pattern while a correction occurs in a three-wave pattern.
From the chart, it also appears that Bluntz is suggesting that Ethereum could rally to around $3,400 in the coming days.
Ethereum is trading at $2,562 at the time of writing, while ETH/BTC is trading at 0.04256 BTC.
According to the pseudonymous analyst, another reason why Ethereum price has turned bullish is the fact that Solana (SOL) is falling against ETH.
“In my opinion, Solana/Ethereum is also about to get smoked.”
SOL/ETH is trading at 0.05727 ETH ($146) at the time of writing.
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