According to the video update that Bluntz provided on X, the cryptocurrency strategist makes the prediction that Ethereum (ETH) is getting closer to a mid-cycle low.
He makes use of the Elliott Wave theory, which proposes that an asset that is consolidating would often go through an ABC downturn before igniting a new five-wave rise.
In order to have a full ABC down on Ethereum, Bluntz thinks that ETH must first sweep $2,800, then take away the bottom, and then retake both of these levels.
He is of the opinion that Ethereum’s ABC correction will eventually resolve to the upside, which would cause ETH to reach an all-time high of $6,000 before retracing its steps and rising to a cycle high of $8,000.
In addition, he believes that Ethereum has not yet had its major run, and that it will most likely be caused by the narrative of an Ethereum exchange-traded fund (ETF), which is reportedly going to be released today.
He is of the opinion that Ethereum will first see a decline in price, then reach its lowest point, and then begin to experience a significant increase in demand.
