Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First
12 July 2024 - 4:00PM
NEWSBTC
A crypto analyst has predicted that Ethereum (ETH), the world’s
second-largest cryptocurrency will surge to new all-time highs
around the $8,000 price mark. However, for Ethereum to reach this
ambitious price target, 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. Related
Reading: Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst
Reveals Targets Bluntz shared a video on June 8 via his official X
account, highlighting key conditions Ethereum will have to overcome
before it can reach a new all-time high around $8,000. The crypto
analyst noted that ETH/USD is presently near recent lows, as a
result, Ethereum could be getting closer to its lowest point in
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 will need to undergo additional downward movement
before witnessing a surge to the $8,000 price target. For
Ethereum to begin 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,” will be completed,
potentially signaling the end of Ethereum’s downward trend and the
beginning of a substantial upward movement. Bluntz also noted
in his video that Ethereum’s ABC wave correction will send the
price 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 a while, testing new 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” in this market cycle.
Although the cryptocurrency surged to new highs above $4,000
earlier this year, Bluntz and a few other crypto analysts have
predicted more bullish upsides for the cryptocurrency. One of the
primary 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
substantial price increase for Ethereum. Related Reading:
Crypto Analyst Says Bitcoin Could Reach $100,000, But What About
Altcoins? The analyst revealed that various crypto community
members have engaged in a hot debate about the potential launch of
the Ethereum ETF, expecting it to have a positive impact on
Ethereum’s value. However, contrary to belief, Bluntz anticipates a
major ETH sell-off, emphasizing that the price of the
cryptocurrency will likely drop following the launch of its
ETF. This initial sell-off phase could indicate the shakeout
of weaker hands in the crypto market. Following this, Bluntz
expects Ethereum to be “bid up heavily,” potentially driving the
price upwards. Featured image created with Dall.E, chart from
Tradingview.com
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