A crypto trader who hit the bottom of the Bitcoin (BTC) bear market in 2018 believes Ethereum (ETH) looks poised for a monster rally in the coming months.
Pseudonymous analyst Bluntz tells his 223,300 Twitter followers that Ethereum has likely concluded its correction period on the high time frame and is gearing up for a major break that could end its bear market.
According to the crypto strategist, the remainder of 2023 could set up Ethereum for a parabolic advancement that could allow the leading smart contract platform to significantly outperform BTC.
“The rest of this year, in my opinion, looks like another bull run is about to begin. ETH has a nice basic structure on the USD pair and the BTC pair also has very nice early signs of reversal on high time frames. I expect ETH to outperform BTC.”
Bluntz is an accomplished practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by tracking crowd psychology that usually manifests itself in waves. According to the theory, a bullish asset witnesses a five-wave rally, with wave three indicating the steepest rise.
Looking at Bluntz’s charts, he suggests that Ethereum is already in the early stages of a wave-three peak that could send ETH to nearly $4,000 before 2023 ends.
Turning to his Ethereum vs. Bitcoin (ETH/BTC) outlook, he appears to be predicting that the pair could rise as high as 0.09 BTC worth $2,750.
At the time of writing, ETH is trading at USD 1,920.
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Image generated: Midway through the journey
