A well-known crypto strategist predicts that Ethereum (ETH) is poised for a significant upward movement as the leading smart contract platform displays “impressive strength” on the charts. Bluntz, an anonymous analyst and trader, informs his extensive following on the social media platform X that ETH is demonstrating strength in both its USD and Bitcoin (ETH/BTC) pairs.
Bluntz, who is an advocate of Elliot Wave Theory, a technical analysis approach that suggests corrections occur in three parts, or “A-B-C” waves, indicates on his chart that Ethereum has completed its three-wave correction at $2,800 and is now embarking on a new phase of its bullish trend.
The trader’s chart also reveals a bullish divergence between the price action of ETH/BTC and its relative strength index (RSI), a momentum indicator. A bullish divergence indicates the potential for a reversal in trend, as it suggests that the asset’s momentum is increasing while the price continues to move sideways or downwards.
As of the time of writing, Ethereum is trading at $3,183, experiencing a decline of over 3% in the past 24 hours.
Bluntz also draws attention to an under-the-radar altcoin with a lower market capitalization that has displayed a rare bullish signal. He suggests that Helium (HNT), a blockchain project focused on the Internet of Things and built on Solana, has likely reached its bottom and exhibits a bullish divergence with its RSI.
“There’s a very nice bullish divergence on HNT here after sweeping both a major range high and now range low, in fact the first one it’s had since 2022. There are some charts out there that look promising and appear to have reached their bottom.”
At the time of writing, HNT is trading at $5.14, marking an increase of over 13% in the past 24 hours.
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