A cryptocurrency analyst has predicted that ethereum (eth)The world's second-largest cryptocurrency is set to hit new all-time highs around $8,000. However, for ethereum to reach this level, ambitious price targetThe analyst stressed that the cryptocurrency must meet certain key conditions.
ethereum's Roadmap Towards All-Time High of $8000
A cryptocurrency analyst identified as 'Bluntz' on x (formerly twitter) has expressed bullish optimism about ethereum's future prospects. The analyst x.com/bluntz_capital/status/1810424142057124170?s=46″ rel=”nofollow”>predicted that eth could witness a mega demonstration to an all-time high of $8,000 in this market cycle.
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Bluntz shared a video on June 8 via his official x account, highlighting the key conditions that ethereum will have to overcome before it can reach a new all-time high around $8,000. The cryptocurrency analyst noted that eth/USD is currently near Recent lowsAs a result, ethereum could be approaching its lowest point in this current downtrend.
The analyst revealed that it was highly unlikely that ethereum would start trading immediately. rising upwards from its current low point. He stressed that the cryptocurrency will need to go through a process additional downward movement before seeing a surge towards the $8,000 price target.
For ethereum to begin its roadmap to the all-time high of $8,000, Bluntz believes the cryptocurrency must “sweep through $2,800, break above the low, and reclaim it.” Following this, the analyst revealed that a three-wave corrective pattern, dubbed “ABC,” will complete, potentially signaling the end of ethereum Downtrend and the beginning of a substantial upward movement.
Bluntz also pointed out in his video that ethereum ABC Wave The correction will send the cryptocurrency's price to $6,000 before retracing and rising back to a cyclical high around $8,000. Wait ethereum will trade sideways for a while, testing new lows before entering a recovery phase.
Analyst Says ethereum's Biggest Gains Are Yet to Come
In his post, Bluntz confidently stated that ethereum has yet to experience its “big run” in this market cycle. Although the cryptocurrency reached new highs above $4,000 earlier this year, Bluntz and some other cryptocurrency analysts have predicted further bullish advantages for cryptocurrency.
One of the main reasons behind the market's optimism regarding ethereum Price Outlook is the upcoming launch of ethereum spot exchange-traded funds (ETFs). Bluntz revealed in his video that the introduction of ethereum Spot ETF It will likely cause a substantial increase in the price of ethereum.
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The analyst revealed that several members of the crypto community have engaged in a heated debate over the possible launch of the ethereum ETF, expecting it to have a Positive impact on the value of ethereumContrary to popular belief, however, Bluntz anticipates a major eth sell-off, stressing that the cryptocurrency's price will likely fall following the launch of his ETF.
This initial sell-off phase could signal the exit of weaker hands from the cryptocurrency market. After this, Bluntz expects ethereum to undergo a “strong rally,” which could push the price higher.
Featured image created with Dall.E, chart from Tradingview.com
