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Cryptocurrency analyst Bluntz, closely followed by cryptocurrency investors, evaluated the latest appearance of Ethereum (ETH) in the midst of moderate price movements in the cryptocurrency market. Here is the price prediction for the altcoin king ETH by the analyst.
Analyst Expects a Last Dip for ETH Price to Rise
Anonymous cryptocurrency analyst Bluntz pointed out in his latest video that Ethereum may be in the final stage of the correction movement while trading within the ascending triangle formation.
According to the analyst, ETH may create a deeper bottom to complete the correction before starting to rise and reaching its all-time high:
If ETH goes to a deeper level and pulls this level to $1,430, $1,440 levels, without any question, I would definitely want to buy ETH as a longer-term investment because I still think it is generally at the main bottom. We are probably in a consolidation period here (between about $1,400 and $2,000), and this situation means that it makes sense to buy the bottom of the range.
In the next drop, I would say that I am positioning myself potentially with the expectation of reaching all-time highs.
Analyst’s Short-Term Ethereum Prediction
Bluntz made a general comment about the possible price movement of Ethereum in the short term. The anonymous cryptocurrency analyst mentioned that the altcoin king is expected to continue moving within a downtrend for a while and said that he expects the price to mainly move sideways:
Right now, I think we are still in a downtrend. I think we will mainly move sideways for a while and then go down to a new low level around $1,430.
According to data provided by cryptocurrency data and price platform CoinMarketCap, ETH is trading just below $1,600 with a 0.15% decrease in the last 24 hours, at $1,592. For the analyst’s expectation of a drop to come true, the price of the altcoin king needs to decrease by about 12-13%.
