An analyst who has earned the Master Trader rank on the crypto exchange Bybit believes that Ethereum (ETH) is gearing up for new upside bursts.
Pseudonymous analyst Bluntz tells his 318,700 followers on the social media platform X that Ethereum appears to be in the midst of a five-wave rally on the four-hour chart.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave surge before going through a correction.
The analyst predicts that Ethereum will still hit his upside target of $3,500 even though President Trump’s latest tariff threats are weighing down markets.
“Despite the trump tariff tantrum which happened legit 10 minutes after I went to sleep, I think ETH still looks ok and going to assume a range here.”
At time of writing, Ethereum is trading for $2,478.
The analyst is also bullish on the Ethereum-based memecoin SPX6900 (SPX). Bluntz thinks that SPX is now in an uptrend and en route to a new all-time high of $2.30 by October of this year.
“Bid some SPX. Going to try and hold for all-time high.”
SPX refers to the S&P 500 index, which satirically aspires to “topple the S&P 500 by achieving a staggering $69 trillion market cap.”
Fellow crypto strategist Jack is also bullish on SPX, thinking that the memecoin will skyrocket if the S&P 500 itself explodes to a new all-time high.
“Since nothing makes sense anyway, it is probably a good bet to own SPX6900 if SPX motors to all-time high, because well obviously SPX going to 6900 will capture mindshare and apparently that is, besides just liquidity beta, what people will argue why SPX6900 goes up.
Bullish on incels.”
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