A top trader who correctly called Bitcoin (BTC)’s floor price limit during the 2018 bear market says one Ethereum (ETH) challenger is very bullish.
Household analyst Bluntz told his 251,100 followers on social media platform X that he expects the underlying asset of layer-1 protocol Near (NEAR) to rise to levels last seen in May 2022.
According to analysts, NEAR appears to be experiencing a five-wave surge that could send the altcoin skyrocketing close to $10 in a matter of days.
“NEAR is turbo strong here IMO (in my opinion), dragging ABC down from the highs, building up all weekend and now breaking through.
IMO should be one of the first to hit a new high.”
Bluntz uses Elliott Wave theory to predict future price movements of cryptocurrency assets. According to theory, bullish assets tend to witness a five-wave rally after completing an ABC corrective move.
As of this writing, NEAR is valued at $7.60, up more than 3% over the past day.
Traders are also closely watching Ethereum scaling solution Arbitrum (ARB). Bluntz says ARB is flashing multiple bullish reversal signals on the daily chart.
“Not only does ARB look very clear on days when ABC is down, but there is also a daily bullish divergence at the daily close.
IMO ETH beta is about to get some love again.”
Traders often watch out for assets that exhibit bullish divergence. This suggests that a bullish reversal is on the horizon as the asset gains momentum despite a downward or sideways price trend.
As of this writing, ARB is worth $1.70.
Bluntz says he also expects a rally for Solana (SOL)-based meme token Slerf (SLERF).
“Initial Hype and First Pullback for SLEF Take a look. “I punted and it’s cooled down now.”
As of this writing, SLERF is valued at $0.767, up more than 17% in the last 24 hours.
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