Ethereum
Ethereum Will Hit $8,000 ATH, But It Has To Happen First, Analyst Says
A crypto analyst predicted that Ethereum (ETH)The world’s second-largest cryptocurrency will reach new all-time highs around the $8,000 mark. However, for Ethereum to reach that level, ambitious price targetThe analyst stressed that the cryptocurrency must meet certain key conditions.
Ethereum’s Roadmap to $8,000 Top
A crypto analyst identified as “Bluntz” on X (formerly Twitter) has expressed bullish optimism about Ethereum’s future prospects. foreseen that ETH could witness a mega rally to an all-time high of $8,000 during this market cycle.
Bluntz shared a video on June 8 via his official X account, highlighting the key conditions Ethereum will need to overcome before it can reach a new historical record around $8,000. The crypto analyst noted that ETH/USD is currently close recent lowsAs a result, Ethereum could be moving closer to its lowest point in this current downtrend.
The analyst revealed that it was highly unlikely that Ethereum would launch immediately rising upwards from its current low point. He stressed that the cryptocurrency will have to undergo additional downward movement before seeing a push 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 “break through $2,800, break through the bottom, and reclaim it.” After that, the analyst revealed that a three-wave corrective pattern, called “ABC,” will be completed, potentially signaling the end of Ethereum Downtrend and the beginning of a substantial upward movement.
Bluntz also noted in his video that Ethereum ABC wave correction will send the cryptocurrency’s price to $6,000 before pulling back and rising again toward a cyclical high of around $8,000. He expects Ethereum will move sideways for a while, testing new lows before entering a recovery phase.
Ethereum’s Biggest Gains Are Yet to Come, Analyst Says
In his post, Bluntz confidently asserted that Ethereum has yet to have its “big run” in this market cycle. Although the cryptocurrency reached new heights above $4,000 earlier this year, Bluntz and a few other crypto analysts predicted more bullish advantages for cryptocurrency.
One of the main reasons for the market’s optimism regarding Ethereum Price Outlook is the upcoming launch of Spot Ethereum exchange-traded funds (ETFs). Bluntz revealed in his video that the introduction of Ethereum Spot ETF will likely trigger a substantial increase in the price of Ethereum.
The analyst revealed that various members of the crypto community have been engaged in a heated debate over the potential launch of the Ethereum ETF, expecting it to have a positive impact on the value of Ethereum. However, contrary to popular belief, Bluntz anticipates a massive selloff in ETH, noting that the price of the cryptocurrency will likely decline following the launch of its ETF.
This initial phase of selling could signal the end of the weaker hands in the cryptocurrency market. Bluntz then expects Ethereum to be “heavily bid up,” which could push the price higher.
Featured image created with Dall.E, chart by Tradingview.com