Analyst Bluntz Predicts Ethereum Must Reach $2,800 and Complete an ABC Corrective Pattern Before a Significant Upswing to $8,000

Ethere­um (ETH), the second-largest cryptocurre­ncy globally, has been a wild ride for inve­stors in 2024. Despite some analysts’ continue­d skepticism, one prominent crypto analyst, known as “Bluntz” on X (forme­rly Twitter), predicts a spectacular rise­ for ETH, targeting a staggering $8,000 – a new all-time­ high (ATH).

Cryptocurrency prices have been on a wild ride in 2024, and no coin has seen more ups and downs than Ether (ETH). But despite some analysts’ continued skepticism, one prominent crypto analyst predicts a spectacular rise for ETH, targeting a staggering $8,000 – a new all-time high (ATH).

Enter “Bluntz” on X (formerly Twitter), a crypto analyst with over 100,000 followers. Bluntz has been closely tracking ETH's price movements, and he believes that the coin is setting up for a massive rally in the coming months. However, Bluntz also warns that ETH must overcome some hurdles first.

In a video shared on June 9th, Bluntz outlined the key benchmarks ETH must meet to reach the coveted $8,000 mark. Currently, ETH is hovering near $3,000, potentially nearing the bottom of this bear market. However, according to Bluntz, a straight shot upward is unlikely. He anticipates a further price dip before the big rally.

“We need to sweep $2,800, take out the low and reclaim it,” said Bluntz. This price point signifies the completion of a three-wave corrective pattern, known as an “ABC”, which could signal the end of the downtrend and usher in a significant upswing.

Bluntz's video goes on to suggest that the ABC correction will propel ETH to $6,000 before a pullback. This pullback will be followed by a final surge to the much-anticipated $8,000 peak, marking the cyclical high. Blunted adds that he expects some sideways trading and testing of new lows before ETH begins its recovery.

Interestingly, Bluntz believes ETH hasn't had its “big run” yet in this market cycle. Despite surpassing $4,000 earlier this year, Blunted and other analysts foresee even more significant gains on the horizon.

Spot Ethereum ETF Launch Impact

One major factor fueling optimism is the highly anticipated launch of Spot Ether Exchange Traded Funds (ETFs). Blunted acknowledges the potential for a price surge upon the ETF's arrival. However, he throws a curveball, predicting a short-term sell-off post-launch.

This initial sell-off, according to Blunted, could represent a “shakeout” of less committed investors. Following this, he expects a period of strong buying pressure, ultimately driving the price upwards. While the exact timing of the ETF launch remains uncertain, it undoubtedly adds another layer of intrigue to ETH's price trajectory.

At the time or writing, ETH is trading at $3,068, marking a 2.30% decline in the last 24 hours.