A crypto analyst who pinpointed the bottom of Bitcoin‘s (BTC) bear market in 2018 believes that the leading smart contract platform Ethereum (ETH) seems poised for a massive rally in the coming months.
“Ethereum Correction Period Completed”
Senior analyst Bluntz stated on social media giant Twitter that Ethereum has likely completed its correction period in the high time frame and is preparing for a major breakout that could end the bear market.
According to the crypto strategist, the rest of 2023 could set up Ethereum for parabolic progression that would allow the leading smart contract platform to significantly outperform BTC, the flagship of the markets. The expert analyst made the following comments:
It looks like the rest of this year is gearing up for another bull run. ETH has a nice base structure on the USD pair and the BTC pair also has some very nice early reversal signs on the higher time frames. I expect ETH to outperform BTC.
ETH/BTC Ratio!
Senior analyst Bluntz is an experienced practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price movement by following crowd psychology, which tends to manifest in waves. According to the theory, an asset showing an uptrend witnesses a five-wave rally, with the third wave indicating the steepest rise.
Considering Bluntz’s charts, he suggests that Ethereum is in the early stages of the third wave, which could bring ETH close to $4,000 before the end of 2023. As for the Ethereum versus Bitcoin (ETH/BTC) outlook, it appears he predicts the pair could rise up to 0.09 BTC, valued at $2,750. At the time of writing, according to data from the 21milyon.com website, ETH is trading at $1,920.
