A crypto analyst thinks Ethereum (ETH) could reach a new all-time high of $8,000, but it needs to go through some rough patches first.
Ethereum’s Road to $8,000
The analyst, known as Bluntz on X (formerly Twitter), sees a big rally coming for Ethereum. But before that happens, ETH needs to hit a low point.
He thinks ETH will need to drop even further before it starts climbing again. Once it “sweeps” the $2,800 price level, it could signal the end of the downward trend.
Bluntz predicts a three-wave correction pattern, which could send ETH to $6,000 before it rebounds and reaches $8,000. He expects some sideways trading and testing of new lows before the recovery begins.
Ethereum’s Big Run Is Coming
Bluntz believes Ethereum’s biggest gains are still ahead. He thinks the launch of Spot Ethereum Exchange Traded Funds (ETFs) will be a big catalyst for price increases.
While many expect the ETF launch to boost Ethereum’s price, Bluntz thinks there might be a sell-off first. This could be a chance for weaker investors to get out of the market. After that, he expects a strong rebound, potentially pushing the price up significantly.
