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Analyst Says Ethereum Will Hit All-Time High of $8,000, But It Has to Happen First
A cryptocurrency analyst has predicted that Ethereum (ETH)The world’s second largest cryptocurrency will hit new all-time highs around the $8,000 price point. However, for Ethereum to reach this ambitious target priceThe analyst stressed that the cryptocurrency must meet certain key conditions.
Ethereum Roadmap Towards All-Time High of $8,000
A cryptocurrency analyst identified as “Bluntz” on X (formerly Twitter) has expressed bullish optimism for Ethereum’s future prospects. The analyst expected that ETH could see a mega gathering reaching an all-time high of $8,000 in this market cycle.
Bluntz shared a video on June 8 via his official X account, highlighting the key conditions that Ethereum will need to overcome before it can reach a new all-time high around $8,000. The cryptocurrency analyst noted that ETH/USD is currently near recent lowsAs a result, Ethereum may be approaching its lowest point in the current bearish trend.
The analyst revealed that it was highly unlikely that Ethereum would start immediately soaring upwards from its current low point. He stressed that the cryptocurrency will have to endure further downward movement before seeing a surge towards the $8,000 price target.
For Ethereum to begin its roadmap to the all-time high of $8,000, Bluntz believes the cryptocurrency needs to “sweep $2,800, take out the low, and reclaim it.” After that, the analyst revealed that a three-wave corrective pattern, dubbed “ABC,” will complete, potentially signaling the end of Ethereum’s Downtrend and the beginning of a substantial upward movement.
Bluntz also noted in his video that Ethereum ABC Wave The correction will take the cryptocurrency price to $6,000 before retreating and recovering again towards a cyclical high around $8,000. It is expected Ethereum to move sideways for a while, testing new lows before entering a recovery phase.
Analysts Say Ethereum’s Biggest Gains Are Yet to Come
In his post, Bluntz confidently stated that Ethereum has yet to experience its “big run” in this market cycle. Although the cryptocurrency has reached new highs above $4,000 earlier this year, Bluntz and some other cryptocurrency analysts have predicted more bullish for cryptocurrency.
One of the main reasons for the market’s optimism regarding Ethereum Price Outlook is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETF). Bluntz revealed in his video that the introduction of Ethereum Spot ETFs will likely lead to a substantial increase in the price of Ethereum.
The analyst revealed that various members of the cryptocurrency community have started a heated debate on the potential launch of the Ethereum ETF, expecting it to have a positive impact on the value of EthereumHowever, contrary to popular belief, Bluntz predicts a major sell-off in ETH, noting that the cryptocurrency’s price will likely decline following the launch of his ETF.
This initial sell-off could signal the clearing out of the cryptocurrency market of weaker hands. After that, Bluntz expects Ethereum to “raise heavily,” potentially pushing the price higher.
Featured image created with Dall.E, chart from Tradingview.com