HomeNewsBullish Momentum: Analyst Sets $4,000 Price Target for Ethereum (ETH) in Wave-Three...

Bullish Momentum: Analyst Sets $4,000 Price Target for Ethereum (ETH) in Wave-Three Rally

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  • The crypto trader ‘Bluntz’, famed for predicting Bitcoin’s bear market bottom in 2018, anticipates a remarkable bull run for Ethereum (ETH) in the coming months.
  • Utilizing the Elliott Wave theory, Bluntz suggests Ethereum is already in the initial stages of a wave-three surge that could catapult ETH close to $4,000 by the end of 2023.

Ethereum (ETH), the world’s leading smart contract platform, appears ready for an impressive rally, suggests the pseudonymous analyst ‘Bluntz’. Noted for accurately calling Bitcoin’s (BTC) bear market nadir in 2018, Bluntz is now directing his discerning gaze towards Ethereum.

In a message to his sizeable Twitter following of over 223,000, Bluntz indicated that Ethereum may have concluded its corrective phase on a high timeframe. The resultant effect is an anticipated breakout that could potentially terminate its bearish market spell.

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Drawing from his analysis, Bluntz opines that the remainder of 2023 could witness a parabolic escalation for Ethereum. If his predictions hold true, the preeminent smart contract platform could significantly overshadow BTC in performance terms.

Bluntz bases his forecasts on the principles of the Elliott Wave theory – a sophisticated technical analysis methodology that leverages crowd psychology patterns to anticipate future price movements. The theory postulates a five-wave rally for any bullish asset, where wave three usually denotes the sharpest climb.

In scrutinizing Bluntz’s charts, it appears that Ethereum is already within the initial stages of such a wave-three rally. If his forecast proves accurate, Ethereum’s price could soar to nearly $4,000 before we bid farewell to 2023.

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Switching gears to the Ethereum versus Bitcoin (ETH/BTC) outlook, Bluntz seems to prophesy a surge as high as 0.09 BTC, equating to a value of $2,750 for the pair.

At the time of this report, Ethereum is trading at a figure of $1,920. Should the monumental surge predicted by Bluntz transpire, it could potentially redefine Ethereum’s standing within the crypto landscape and potentially set new precedents for this increasingly influential digital asset.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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