A widely followed crypto strategist says Ethereum (ETH) is likely gearing up for a major upside as the leading smart contract platform shows “serious strength” on the charts.
Pseudonymous analyst and trader Bluntz tells his 257,000 followers on social media platform X that ETH is looking strong in both its USD and Bitcoin (ETH/BTC) pairs.
“ETH and even ETH/BTC are showing serious strength today.”
Bluntz is a well-known practitioner of the Elliot Wave Theory, an approach to technical analysis that states that corrections often occur in three parts, or ‘ABC’ waves. According to his chart, Bluntz suggests that Ethereum completed its three-wave correction when it reached $2,800 and is likely to begin a new part of its bull run.
The trader’s chart also suggests that there is now a bullish divergence between ETH/BTC price action and the relative strength index (RSI), a momentum indicator. A bullish divergence indicates the possibility of a trend reversal because it indicates that an asset’s momentum is rising and rising while the price continues to move down or sideways.
At the time of writing, Ethereum is trading at $3,183, down more than 3% in the past 24 hours.
Bluntz also has his eye on an under-the-radar altcoin with a lower market cap, which he says has just sent a rare bullish signal.
The trader says Helium (HNT), a Solana-based IoT-focused blockchain project, has likely bottomed out and is showing a bullish divergence with its RSI.
“There is a very nice bullish divergence here on HNT, having hit both a big range high and now a range low, in fact the first since 2022.
There are some charts that look good and have bottomed out.”
At the time of writing, HNT is trading at $5.14, up over 13% in the last 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney