Predictions from analysts who previously called market lows and highs gain considerable attention. However, even accurate predictions like the 2018 bottom do not guarantee future success, as shown by missed forecasts in 2022. Despite this, the insights from these analysts can have broader implications. Therefore, examining their perspectives is valuable.
Analyst’s Ethereum Bottom Prediction
A Bitcoin (BTC) analyst known for forecasting the 2018 bottom six months ahead is now sharing insights on Ethereum (ETH). Given the relationship between ETH, BTC, and other altcoins, predictions on ETH prices are significant for the broader altcoin market. The latest analysis of ETH suggests broader market implications.
The analyst, Bluntz, believes ETH may have bottomed out in August, marking the lowest point in the past six months. This implies that ETH might not see such low levels until it reaches a new all-time high.
ETH Price Forecast
Expectations align with a potential rise in altcoins. Many specialists anticipate a quiet September followed by increased market activity in October. Bluntz expects the $2,850 level to establish strong support for ETH. Using Elliott wave theory, he observes a bullish divergence on the three-day chart and suggests ETH has completed a three-wave correction, now following a five-wave pattern on the four-hour timeframe.
Bluntz targets approximately $3,400 for ETH in the upcoming weeks. However, at present, ETH is struggling to hold the $2,500 support level. He also highlights Solana (SOL), predicting it will weaken relative to ETH, a reasonable assumption considering the early conclusion of the ETF narrative.
Key Takeaways
– ETH could potentially have bottomed in August.
– Bluntz targets $3,400 for ETH in the near future.
– Strong support expected at $2,850.
– SOL may weaken against ETH.
– Anticipate increased market activity in October.
Currently, BTC is attempting to reclaim $59,000 after multiple dips below $58,000. As the weekend and month-end approach, further weakness in the low-volume crypto market may be expected.