An analyst who accurately predicted the floor price for Bitcoin in 2018 has now turned his attention to Ethereum and Solana. According to the pseudonymous trader Bluntz, Ethereum appears to have completed a corrective move on the lower time frame chart. He also notes a bullish divergence on the 30-minute chart, indicating that momentum is building up for the leading smart contract platform. Bluntz believes that the dip for Ethereum is done and predicts that the price will go for one more high above $1,880.
Bluntz practices the Elliott Wave theory, a method of technical analysis that attempts to predict future price action by identifying crowd psychology manifesting in waves. Based on his chart, Bluntz predicts that ETH will rally above $1,900 in the short term. Currently, Ethereum is worth $1,850.
Moving on to Solana, Bluntz sees more potential for growth, despite the cryptocurrency already experiencing a 338% increase in value this year. Bluntz considers an 18% three-wave pullback in a monster uptrend as a positive sign and expects Solana to go straight to $50+. At the time of writing, Solana is worth $42.
In addition to Ethereum and Solana, Bluntz is keeping an eye on the US dollar index (DXY), which tracks the value of the USD compared to a basket of foreign currencies. Bluntz believes that risk-on assets like cryptocurrencies may see upside moves because he anticipates a significant correction for the DXY. According to his chart, the DXY could fall below the key support level of 100 points. Currently, the DXY is trading at 105.069 points.
Bluntz’s analysis suggests that there could be bullish rallies ahead for Ethereum and Solana. However, it’s important to note that these predictions are based on technical analysis and should not be considered as investment advice. Investors should always do their own research and exercise caution when entering the cryptocurrency market.
The rise of cryptocurrencies, including Ethereum and Solana, has attracted a great deal of attention in recent years. Ethereum is known for its smart contract capabilities and has become the go-to platform for decentralized applications (DApps). Its value has soared alongside the popularity of DApps and the growth of the decentralized finance (DeFi) sector.
Solana, on the other hand, has gained recognition for its high-performance blockchain network and scalability. It offers fast and low-cost transactions, making it well-suited for applications requiring high throughput, such as decentralized exchanges and gaming platforms.
As cryptocurrencies continue to gain mainstream acceptance and adoption, analysts like Bluntz provide insights into potential price movements. However, it’s important to remember that the cryptocurrency market is highly volatile and subject to various factors, including market sentiment, regulatory developments, and technological advancements.
Investors should approach cryptocurrency investments with caution, be prepared for volatility, and only invest what they can afford to lose. It is also crucial to stay informed about the latest news and developments in the industry to make informed investment decisions.
Overall, the predictions of a bullish rally for Ethereum and Solana by Bluntz offer a positive outlook for these cryptocurrencies. However, investors should conduct their own research and consider multiple sources of information before making any investment decisions.
