The pseudonymous trader Bluntz shares a chart with his 226,500 followers on the social media platform X that projects a brief correction for ETH before the asset jumps to nearly $2,400 in price in the next few months.
Bluntz says he sees the dip as an opportunity to accumulate more ETH before it skyrockets.
“I would be gobbling up any dips sub $1,720 into the yellow box over the next few weeks if we are fortunate enough to get it.”
ETH is trading at $1,899 at time of writing.
Fellow trader Credible Crypto shares a nearly identical outlook on Ethereum.
“Been a while since my last update on ETH, but chart is clean at the moment. You can see we held the $1,400-$1,500 zone which was my high time frame buy zone and the BOTTOM in my opinion. I don’t think you get a chance at sub $1,500 ETH again.
That being said, I do think we are due a pullback before continuation. Lots of people eyeing up a move to the $2,000 region. I think we hit $1,700 ETH first before heading there.”
The analyst, however, acknowledges that Ethereum isn’t as likely to retreat if Bitcoin’s price continues soaring.
“If BTC just keeps ripping up from here, then harder to see that pullback on ETH play out – but this is under the assumption that we may see a low time frame pullback on BTC soon.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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