Ethereum

Spot

A crypto analyst has predicted that <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-upside-3110/">Ethereum (ETH)</a>, the world’s second-largest cryptocurrency will surge to new all-time highs around the $8,000 price mark. However, for Ethereum to reach this <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-3320/">ambitious price target</a>, the analyst emphasized that the cryptocurrency must fulfill certain key conditions.&nbsp; 
<h2 id="ethereum-road-map-to-8-000-ath">Ethereum Road Map To $8,000 ATH</h2> 
A crypto analyst identified as ‘Bluntz’ on X (formerly Twitter) has expressed bullish optimism for Ethereum’s future outlook. The analyst <a href="https://x.com/bluntz_capital/status/1810424142057124170?s=46" rel="nofollow">forecasted</a> that ETH could witness a <a href="https://www.newsbtc.com/news/ethereum/ethereum-bull-flag-breakout/">mega rally</a> to an $8,000 all-time high this market cycle. 
Bluntz shared a video on June 8 via his official X account, highlighting key conditions Ethereum will have to overcome before it can reach a <a href="https://www.newsbtc.com/news/ethereum-ath-exploring-the-possibility-of-ethers-new-peaks-in-2024/">new all-time high</a> around $8,000. The crypto analyst noted that ETH/USD is presently near <a href="https://www.newsbtc.com/analysis/eth/ethereum-settles-below-3k/">recent lows</a>, as a result, Ethereum could be getting closer to its lowest point in this current bearish trend.&nbsp; 
The analyst disclosed that it was highly unlikely that Ethereum would immediately start <a href="https://www.newsbtc.com/news/bitcoin-ethereum-acceleration-cryptoquant-explains/">surging upwards</a> from its current low point. He emphasized that the cryptocurrency will need to undergo <a href="https://www.newsbtc.com/news/ethereum/doomsday-for-ethereum-a-crash-down-to-1500-is-coming/">additional downward movement</a> before witnessing a surge to the $8,000 price target.&nbsp; 
For Ethereum to begin its road map to the $8,000 all-time high, Bluntz believes that the cryptocurrency must “sweep $2,800, take out the low and reclaim it.” After this, the analyst revealed that a three-wave corrective pattern, termed an “ABC,” will be completed, potentially signaling the end of <a href="https://www.newsbtc.com/analysis/eth/ethereum-dives-below-3k-2/">Ethereum’s downward trend</a> and the beginning of a substantial upward movement.&nbsp; 
Bluntz also noted in his video that Ethereum’s <a href="https://www.newsbtc.com/news/cardano/cardano-abc-wave-completion/">ABC wave</a> correction will send the price of the cryptocurrency to $6,000 before pulling back and rallying again to a cyclic top of around $8,000. He expects <a href="https://www.newsbtc.com/news/ethereum/analyst-predicts-ethereum-nosedive-cautions-investors-to-prepare-for-2700-target/">Ethereum to trade sideways</a> for a while, testing new lows before entering a recovery stage.&nbsp; 
<h2 id="analyst-asserts-ethereum-s-biggest-gains-are-yet-to-come">Analyst Asserts Ethereum’s Biggest Gains Are Yet To Come</h2> 
In his post, Bluntz confidently asserted that Ethereum has yet to experience its “big run” in this market cycle. Although the cryptocurrency <a href="https://www.newsbtc.com/news/euphoria-or-false-dawn-why-the-ethereum-4000-party-might-end-soon/">surged to new highs</a> above $4,000 earlier this year, Bluntz and a few other crypto analysts have predicted more <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-3120/">bullish upsides</a> for the cryptocurrency. 
One of the primary reasons behind the market’s optimism concerning <a href="https://www.newsbtc.com/news/ethereum-eyes-4000-comeback-fueled-by-bullish-buying-spree/">Ethereum’s price outlook</a> is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETFs). Bluntz disclosed in his video that the introduction of <a href="https://www.newsbtc.com/news/ethereum/experts-bullish-on-ethereum-etfs-launching-july-4-predicting-potential-surge-beyond-7000/">Ethereum Spot ETFs</a> will likely trigger a substantial price increase for Ethereum.&nbsp; 
The analyst revealed that various crypto community members have engaged in a hot debate about the potential launch of the Ethereum ETF, expecting it to have a <a href="https://www.newsbtc.com/news/ethereum/experts-ethereum-etf-launch-mid-july-price-rally/">positive impact on Ethereum’s value</a>. However, contrary to belief, Bluntz anticipates a major ETH sell-off, emphasizing that the price of the cryptocurrency will likely drop following the launch of its ETF.&nbsp; 
This initial sell-off phase could indicate the shakeout of weaker hands in the crypto market. Following this, Bluntz expects Ethereum to be “bid up heavily,” potentially driving the price upwards.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/12EUAWWy/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1566">

Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 12 Jul 2024

JPMorgan says Bitcoin will make a bullish comeback in August

Investors Analyze Altcoins Based on RSI Values

Worldcoin Falls Short of 1 Billion User Goal by 994 Million Despite Recent Milestones

What are Cryptopunks: All about the mainstream NFT collection

Politician Pepe (POLPEPE) Investor Secures Over 400% Profit, But Waits For 18,000% Rally Amid Vol...

Ambitious Bitcoin (BTC) Statements from the US Senator!

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!