Time for Ethereum To Finally Have Moment in the Sun As ETH Breaks Out of 530-Day Range, Says Top Trader
An analyst who nailed the bottom of the 2018 Bitcoin (BTC) bear market thinks that Ethereum (ETH) is about to take center stage.
Pseudonymous analyst Bluntz tells his 230,300 followers on the social media platform X that Ethereum has closed above its multi-month accumulation range for the first time last week.
According to the analyst, Ethereum’s strong weekly close is reminiscent of Chainlink’s (LINK) price action when it rallied big after breaking out of its accumulation range in October.
“ETH finally got a strong weekly close above a 530+ day range. For perspective, I think there’s a very strong chance it starts marking up considerably like LINK and others that had similar structures.”
Source: Bluntz/X
The crypto strategist also says that Ethereum is starting to flash signs of strength against Chainlink and Solana (SOL).
“A lot of pairs that have been in monster uptrends like LINK and SOL are finally starting to look bearish against ETH.
I think it’s ETH’s turn to finally have its moment in the sun.”
Bluntz is not the only analyst who’s bullish on Ethereum. Pseudonymous analyst Inmortal notes that Ethereum recorded its highest weekly close in more than a year last week.
“This [is] the highest weekly close in ETH since May 2022, 570 days ago. Ah, this is a new macro higher high and a new yearly high. Something you don’t see every day.”
Source: Inmortal/X
Inmortal previously predicted that the latest ETH breakout will stick this time around.
At time of writing, ETH is trading for $2,236, well above Bluntz’s accumulation range.
Generated Image: DALLE3
