IMPORTANT POINTS:
- Pseudonymous analyst Bluntz provides insight on Ethereum, suggesting a possible final phase of correction.
- Bluntz identifies a price range of $1,400 – $2,000, with a strong buy point around $1,430 – $1,440.
- In the short term, sideways price action is expected, but Bluntz sees an eventual recovery to new all-time highs.
A renowned cryptocurrency analyst has shared his perspective on Ethereum (ETH) amid a cryptocurrency market showing tepid recent price movements. This analysis, revealed in a new video, has been provided by pseudonymous analyst Bluntz, who suggests that we are likely witnessing the latest stage of a correction in Ethereum’s trajectory, as this cryptocurrency moves within an ascending triangle pattern.
Bluntz asserts that Ethereum could be setting up a bullish scenario of a lower low, which would signal the end of the correction before a possible breakout and subsequent rally toward new all-time highs.
“If ETH were to go down a little bit further and touch the $1,430 or $1,440 level, I would definitely, without hesitation, be looking to buy for some long-term stocks as overall I still think we have bottomed out and are probably in some sort of accumulation period here [between about $1,400 to $2,000] and then that would be buying at the bottom of the range.”
Furthermore, Bluntz indicated that in this next decline, he would be positioning himself to take long positions towards potential new all-time highs.
What to expect from Ethereum?
On the other hand, regarding short-term price action, this cryptocurrency analyst and trader suggests that
“Right now, we’re probably still in a cutting phase. “I think we are probably going to move sideways for a while longer and then go down to a new low [around $1,430].”
At the time of writing, Ethereum is trading at $1,595.
