An analyst known for his timely crypto calls believes that Ethereum (ETH) is now poised for a big breakout to fresh all-time high (ATH) prices.
Pseudonymous analyst Bluntz tells his 328,600 followers on X that Ethereum appears to have printed a local bottom after completing a wave four correction.
Bluntz practices the Elliott Wave theory, which states that a bullish asset goes through a five-wave rally with waves one, three and five serving as uptrends and waves two and four acting as pullback periods.
Says Bluntz,
“This ETH wave four on daily looks like it’s over with a leg higher into ATH yet to come, looking at around $5,500, but ultimately don’t think this ATH break is going to be as sensational as people expect.”
At time of writing, Ethereum is trading at $4,216.
Looking outside of the crypto market, Bluntz says he’s keeping a close watch on the electric vehicle maker Tesla (TSLA). According to Bluntz, TSLA is now in the midst of a strong five-wave uptrend that could take the stock above $1,000.
“If FSD (full self-driving) gets good enough to remove the safety driver, which is inevitable and sounds like it’s not too far away, TSLA shifts very quickly from a $900 billion automaker to a multi-trillion dollar AI mobility platform.”
As of Monday’s close, TSLA is trading for $443.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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