Analyst Predicts Ethereum is Gearing Up for New Upside Bursts
An analyst who has achieved the Master Trader rank on the popular crypto exchange Bybit is optimistic about the future of Ethereum (ETH) and believes that the digital asset is poised for significant upward movement.
Technical Analysis Insights
Known as Bluntz, the pseudonymous analyst utilizes the Elliott Wave theory to analyze market trends. According to Bluntz, Ethereum is currently experiencing a five-wave rally on the four-hour chart, which typically signals a bullish trend before a corrective phase.
Despite recent market uncertainties triggered by President Trump’s tariff threats, Bluntz remains confident in Ethereum’s potential to reach his target price of $3,500.
As of the latest update, Ethereum is trading at $2,478.
Bullish Outlook on SPX6900
Bluntz is also optimistic about the prospects of SPX6900 (SPX), an Ethereum-based memecoin. He anticipates that SPX will continue its upward trajectory and reach a new all-time high of $2.30 by October.
SPX, a playful reference to the S&P 500 index, humorously aims to surpass the traditional market cap by achieving a lofty $69 trillion valuation.
Supporting Views from Fellow Analysts
Another crypto strategist named Jack shares Bluntz’s optimism towards SPX6900. Jack believes that if the S&P 500 itself reaches a new all-time high, SPX6900 will experience a significant surge in value.
Jack elaborates on the correlation between SPX6900 and market sentiment, suggesting that the memecoin’s growth potential lies in capturing public attention and speculative interest.
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