A top crypto analyst is detailing his outlook on Ethereum (ETH) amid tepid price movements in the crypto market.
In a new video, pseudonymous analyst Bluntz says that Ethereum is likely witnessing the final stage of a corrective move while trading within an ascending triangle pattern.
According to the analyst, Ethereum could print a bullish higher low setup to cap off the correction before breaking out and rallying to a fresh all-time high.
“If ETH did pop down to one more new low and wicked that level at $1,430, $1,440, I would definitely, no questions asked, be looking to buy for some longer-term bags because overall I do still think that the major bottom is in and this is probably some kind of accumulation period here [between roughly $1,400 to $2,000] and then that would then would be buying the bottom of the range.
On this next leg down, I’d be positioning myself to take longs to potentially new all-time highs.”
On the likely price action of Ethereum over the short term, the pseudonymous crypto analyst and trader says,
“Right now I think probably we’re probably still in chop here. I do think we’re probably going to go sideways for a bit longer and then break down to a new low [at around $1,430].”
Ethereum is trading at $1,595 at time of writing.
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Author: Mark Emem
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