Ethereum Is On The Edge Of An Inevitable Rage Pump

It has been revealed the fact that Ethereum is now on the edge of an inevitable rage pump. Check out the latest reports about the price of ETH below.

It has been revealed that Ethereum is about to explode in price. At the moment of writing this article, ETH is trading in the red, and the coin is priced at $2,351.

An important analyst believes that Ethereum (ETH) is preparing for a significant surge upwards.

The analyst, who goes by the pseudonym Bluntz, has informed his 230,700 followers on the X social media platform that Ethereum has now entered the bull market phase after leaving its accumulation range that lasted for several months.

According to Bluntz, Ethereum will move ahead of traders who are focusing on ETH’s performance against Bitcoin (ETH/BTC).

“ETH has well and truly broken out of a year and a half range now.

Just waiting for the inevitable rage pump that catches everyone out while they’re too busy shi**ing on ETH/BTC.”

At the moment, Ethereum is trading at $2,373 against the US dollar, reflecting an increase of approximately 93% this year.

However, when compared to Bitcoin, Ethereum is trading at 0.05462 BTC, which is a decrease of approximately 23% year-to-date.

Looking at Bitcoin, Bluntz predicts that the cryptocurrency will continue to rise after starting its rally at around the $36,000 mark.

According to the analyst, Bitcoin appears to be ready for another increase, while other traders are waiting for a significant correction.

“All I see is people taking profit and warning of impending 10-15% pullbacks.

You all are not ready for how far this leg from $36,000 extends.”

Bluntz is a well-known follower of the Elliott Wave theory, which is a technical analysis method that aims to predict future price movements by observing the crowd psychology that tends to manifest in waves.

The theory suggests that a bullish asset will experience a five-wave rally, with each wave containing its own five sub-waves.

Based on Bluntz’s chart, it appears that he predicts Bitcoin will reach as high as $53,000 before the five-wave surge comes to an end. As of writing, Bitcoin is trading at $43,435.