Ethereum Primed for Major Gains as Technical Analysis Predicts Bullish Surge

Crypto analyst Bluntz predicts a major upswing for Ethereum (ETH) due to its "serious strength" in both USD and ETH/BTC pairs. He suggests that ETH has completed a corrective cycle and is entering a bullish phase, supported by a bullish divergence in the ETH/BTC price and RSI. Bluntz also highlights Helium (HNT) as an under-the-radar altcoin with bullish potential, citing a divergence between price and RSI.

Ethereum Primed for Major Upswing as Technical Analysis Points to Bullish Sentiment

Renowned crypto strategist and technical analyst Bluntz has provided a compelling analysis suggesting that Ethereum (ETH), the leading smart contract blockchain platform, is poised for a significant price surge. Bluntz's insights, shared with his extensive following of over 257,000 on X, underscore the bullish momentum gathering in both the ETH/USD and ETH/BTC trading pairs.

"ETH and even ETH/BTC showing some serious strength today," Bluntz remarked, highlighting the positive technical indicators emerging in both pairings.

Bluntz, a prominent proponent of Elliot Wave Theory, contends that Ethereum has successfully completed its three-wave corrective phase, finding support at $2,800. This formation suggests the commencement of a new leg of its upward trajectory.

Further bolstering this bullish outlook is the emergence of bullish divergence between ETH/BTC's price action and its Relative Strength Index (RSI), a key momentum indicator. A bullish divergence is often interpreted as a potential sign of a trend reversal, indicating an increase in underlying momentum despite the asset's price remaining stable or declining.

At the time of writing, Ethereum is trading at $3,183, marking a modest decline of over 3% in the past 24 hours. However, the broader technical picture presented by Bluntz paints a promising outlook for the cryptocurrency's future trajectory.

Bluntz has also identified an intriguing altcoin, Helium (HNT), which has recently flashed a rare bullish signal. HNT, a Solana-based project focused on the Internet of Things (IoT), is believed to have reached a temporary bottom while exhibiting bullish divergence with its RSI.

"Very nice bullish divergence on HNT here after sweeping both a major range high and now range low, in fact the first one it's had since 2022." Bluntz noted. "There's some charts out there looking nice and bottomed out."

As of this moment, HNT is priced at $5.14, reflecting an impressive increase of over 13% in the previous 24 hours.

Bluntz's analysis provides valuable insights for investors and traders seeking to navigate the volatile cryptocurrency markets. His identification of bullish signals in both Ethereum and Helium suggests that the overall market sentiment is shifting towards optimism, potentially paving the way for sustained price appreciation in the coming weeks and months.