With Ethereum (ETH) showing “serious strength” on the charts, a widely respected cryptocurrency strategist says the leading smart contract platform is likely to see a big rally.
Bluntz, a household name analyst and trader, tells his 257,000 followers on social media platform
“ETH and even ETH/BTC are showing some serious bullish momentum today.”
Bluntz is known as a practitioner of Elliot wave theory, an approach to technical analysis that says corrections often occur in three parts, or “ABC” waves. According to his chart, Bluntz is suggesting that Ethereum completed a three-wave correction when it reached $2,800 and is likely to begin a new leg of the uptrend.
Trader charts also suggest a bullish divergence between the price action of ETH/BTC and the Relative Strength Index (RSI), a momentum indicator. A bullish divergence indicates a possible trend reversal because it indicates that the asset’s momentum is rising and rising while its price continues to fall or move sideways.
As of this writing, Ethereum is trading at $3,183, down more than 3% in the last 24 hours.
Bluntz is also keeping an eye on unknown, low-market-cap altcoins that he says have been emitting rare bullish signals.
Traders said Helium (HNT), a Solana-based IoT-focused blockchain project, has likely hit bottom following a bullish differential in RSI.
“We have had a very nice bullish divergence for HNT after hitting both the highs of the major range and the current lows. In fact, it was the first range since 2022.
There are some nice bottoming charts out there.”
As of this writing, HNT is trading at $5.14, up more than 13% in the last 24 hours.
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