In the 2018 bear market, crypto analyst Bluntz accurately predicted the bottom level of Bitcoin and now foresees Ethereum taking the lead. Bluntz noted that Ethereum is the largest smart contract platform and recently closed above the monthly consolidation range for the first time. According to the analyst, Ethereum’s strong weekly candle close resembles the price movements experienced by Chainlink after breaking out of its consolidation range in October.
Bluntz believes that Ethereum’s strong weekly candle close, after more than 530 days of consolidation, marks a significant turning point for the cryptocurrency. The analyst suggests that this breakout will lead to a substantial increase in Ethereum’s value, similar to LINK and other altcoins with a similar structure.
The crypto analyst also points out that Ethereum has shown strength against altcoins such as Chainlink and Solana (SOL). Many trading pairs have started to see a downward trend against ETH, indicating that Ethereum has found its way, according to the analyst.
Bluntz is not the only analyst predicting a strong rise. Anonymous crypto analyst Inmortal also shared bullish expectations for Ethereum, highlighting that it achieved the strongest weekly close in over a year. According to Inmortal’s analysis, this close indicates a macro peak and a new annual high that will not be seen every day.
Inmortal previously predicted that the recent rise in ETH would continue with new highs. The major altcoin is currently trading just above $2,200, experiencing a slight 1.43% pullback in the last 24 hours.