A crypto analyst has predicted that Ethereum (ETH), the world’s second-largest cryptocurrency will surge to recent all-time highs across the $8,000 price mark. Nevertheless, for Ethereum to succeed in this ambitious price goal, the analyst emphasized that the cryptocurrency must fulfill certain key conditions.
Ethereum Road Map To $8,000 ATH
A crypto analyst identified as ‘Bluntz’ on X (formerly Twitter) has expressed bullish optimism for Ethereum’s future outlook. The analyst forecasted that ETH could witness a mega rally to an $8,000 all-time high this market cycle.
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Bluntz shared a video on June 8 via his official X account, highlighting key conditions Ethereum may have to beat before it might probably reach a recent all-time high around $8,000. The crypto analyst noted that ETH/USD is presently near recent lows, consequently, Ethereum might be getting closer to its lowest point on this current bearish trend.
The analyst disclosed that it was highly unlikely that Ethereum would immediately start surging upwards from its current low point. He emphasized that the cryptocurrency might want to undergo additional downward movement before witnessing a surge to the $8,000 price goal.
For Ethereum to start its road map to the $8,000 all-time high, Bluntz believes that the cryptocurrency must “sweep $2,800, take out the low and reclaim it.” After this, the analyst revealed that a three-wave corrective pattern, termed an “ABC,” might be accomplished, potentially signaling the tip of Ethereum’s downward trend and the start of a considerable upward movement.
Bluntz also noted in his video that Ethereum’s ABC wave correction will send the worth of the cryptocurrency to $6,000 before pulling back and rallying again to a cyclic top of around $8,000. He expects Ethereum to trade sideways for some time, testing recent lows before entering a recovery stage.
Analyst Asserts Ethereum’s Biggest Gains Are Yet To Come
In his post, Bluntz confidently asserted that Ethereum has yet to experience its “big run” on this market cycle. Although the cryptocurrency surged to recent highs above $4,000 earlier this 12 months, Bluntz and a number of other crypto analysts have predicted more bullish upsides for the cryptocurrency.
Certainly one of the first reasons behind the market’s optimism concerning Ethereum’s price outlook is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETFs). Bluntz disclosed in his video that the introduction of Ethereum Spot ETFs will likely trigger a considerable price increase for Ethereum.
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The analyst revealed that various crypto community members have engaged in a hot debate in regards to the potential launch of the Ethereum ETF, expecting it to have a positive impact on Ethereum’s value. Nevertheless, contrary to belief, Bluntz anticipates a serious ETH sell-off, emphasizing that the worth of the cryptocurrency will likely drop following the launch of its ETF.
This initial sell-off phase could indicate the shakeout of weaker hands within the crypto market. Following this, Bluntz expects Ethereum to be “bid up heavily,” potentially driving the worth upwards.
ETH price drops from local peak | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com