A crypto trader who nailed Bitcoin’s (BTC) bear market bottom in 2018 believes that 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 corrective period on the high timeframe and is gearing up for a major breakout that could end its bear market.
According to the crypto strategist, the rest of 2023 could set up Ethereum for a parabolic advance that would allow the leading smart contract platform to significantly outperform BTC.
“The rest of this year is looking like it’s setting up for another bull run, in my opinion. ETH has a beautiful basing structure on the USD pair and its BTC pair also has very nice early signs of reversal on high timeframes. I am expecting ETH to outperform BTC.”
Bluntz is a veteran practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave rally, with wave three signaling the steepest ascent.
Looking at Bluntz’s charts, he suggests that Ethereum is already in the early stages of a wave-three surge that could send ETH to close to $4,000 before 2023 expires.
As for his Ethereum versus Bitcoin (ETH/BTC) outlook, he appears to predict that the pair could surge to as high as 0.09 BTC worth $2,750.
At time of writing, ETH is trading for $1,920.
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