Key Points
- Analyst “Bluntz” predicts Ethereum could reach $8,000, but anticipates a sell-off first.
- The launch of Spot Ethereum Exchange Traded Funds (ETFs) could potentially impact Ethereum’s price trajectory.
A well-known crypto analyst, “Bluntz”, has predicted a significant rise for Ethereum (ETH), with a potential peak at $8,000.
However, he warns that Ethereum must overcome several challenges before this can happen.
Conditions for Ethereum’s Rise
On June 9th, Bluntz shared a video outlining the key benchmarks Ethereum must meet to reach the sought-after $8,000 mark.
Currently, ETH is around $3,000, possibly nearing the bottom of this bear market.
Bluntz suggests a further price dip is likely before a significant rally.
He identifies a critical step: Ethereum must “sweep $2,800, take out the low and reclaim it”.
This price point represents the end of a three-wave corrective pattern, known as an “ABC”, potentially signalling the end of the downtrend and the start of a significant upswing.
Bluntz’s analysis goes further, suggesting the ABC correction will propel Ethereum to $6,000 before a pullback.
This pullback will be followed by a final surge to the anticipated $8,000 peak, marking the cyclical high.
Bluntz expects some sideways trading and new lows testing before Ethereum begins its recovery.
Interestingly, Bluntz believes Ethereum hasn’t had its “big run” yet in this market cycle.
Despite surpassing $4,000 earlier this year, Bluntz and other analysts predict even more significant gains are possible.
Impact of Spot Ethereum ETF Launch
The highly anticipated launch of Spot Ethereum Exchange Traded Funds (ETFs) is a major factor fuelling optimism.
Bluntz acknowledges the potential for a price surge upon the ETF’s arrival but also predicts a short-term sell-off post-launch.
This initial sell-off, Bluntz suggests, could be a “shakeout” of less committed investors.
After this, he anticipates a period of strong buying pressure, driving the price upwards.
While the exact timing of the ETF launch remains uncertain, it undoubtedly adds intrigue to Ethereum’s price trajectory.
At the time of writing, ETH is trading at $3,068, marking a 2.30% decline in the last 24 hours.
Bluntz’s prediction of an $8,000 Ethereum is certainly eye-catching.
However, his roadmap highlights the potential for volatility before reaching the summit.
