A popular crypto strategist believes that major altcoin Ethereum (ETH) is close to a mid-cycle low.

In a new video update, pseudonymous analyst Bluntz tells his 264,400 followers on social media platform X that Ethereum is on the verge of completing its ABC correction wave.

Bluntz uses the Elliott Wave theory, which states that a consolidating asset typically goes through an ABC correction before a new five-wave cycle forms.

“If we look at ETH/USD, we are actually back at the lows here, but I think it would be very strange if we only went up from here…

I think ETH eventually has to wipe out $2,800, take the bottom and reclaim it and then we would eventually have something that looks like a real ABC drop on Ethereum… (I think) we go sideways here on ETH for a while and take the bottoms and then try to bounce.”

Source: Bluntz/X

According to the analyst, Ethereum’s ABC correction will eventually turn upside, initially seeing ETH reach a new all-time high of $6,000 before pulling back and rising to a cycle high of $8,000.

“I still believe ETH hasn’t had that big of a run yet and I think it will definitely come this cycle. It’s just late.

It’s probably going to be driven by the ETH ETF narrative that’s supposedly coming out any minute now. Everyone’s talking about it, everyone’s expecting it to be this mega-bullish ETH news. So I think what’s likely to happen is that ETH is going to sell off first, hit the lows, fuck everyone, and then get bought up big time.”

Source: Bluntz/X

At the time of writing, Ethereum is worth $3,048.

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