A “Bluntz” cryptocurrency expert on X (formerly Twitter) said that Ethereum (ETH), the world’s second-largest cryptocurrency, could hit an all-time high of $8,000. Bluntz did stress, though, that Ethereum needs to be in a certain place to reach this goal.
Bluntz shared a video on June 8 in which he talked about the main issues that Ethereum needs to fix before it can reach this new high. He said that ETH/USD is close to its most recent low, which means that Ethereum may be near the bottom of its current negative trend.
Bluntz said that Ethereum most likely won’t climb quickly from where it is now. He thinks the cryptocurrency’s price will drop even more before it starts to rise again and hit the $8,000 goal.
Ethereum Needs To Reach $8,000
Bluntz says Ethereum needs to “sweep $2,800, take out the low, and reclaim it.” That would end a three-wave corrective pattern known as a “ABC,” he said. That would also end the trend of dropping prices and begin an important spike up.
The expert also said that ETH price could go up to $6,000 after the ABC wave correction was over, then go down, and then go back up to around $8,000. He thinks ETH will trade in a narrow range for a while, dropping to new lows and then continuing to rise again.
Bluntz and other experts believe that the price of ETH will keep going up, even though it hit a new high above $4,000. ETFs for Spot ETH are about to start trading, which is a big part of the reason for this optimism. Bluntz believes that when these ETFs go live, the price of Ethereum will go up a lot.
Bluntz did say, though, that there would be a major sell-off after the ETH ETF went live. This could cause ETH price to drop for a short time. That first step of selling could be a way for the market to get rid of the less strong players, he said. Bluntz then believes that many people will want to buy ETH, which will cause its price to rise.
It may be hard for Ethereum to get to $8,000 and there may be short-term volatility, but Bluntz’s study shows that the long-term outlook is still good.
