Ethereum
Ethereum Shows Serious Strength as Small-Cap Altcoin Issues Bullish Signal for First Time Since 2022: Analyst
A widely followed crypto strategist says that Ethereum (ETH) is likely gearing up for a big surge as the leading smart contract platform shows “serious strength” in the charts.
Pseudonymous analyst and trader Bluntz tells his 257,000 followers on social media platformBTC) pairs.
“ETH and even ETH/BTC are showing serious strength today.”
Source: Bluntz/X
Bluntz is a known practitioner of Elliot wave theory, an approach to technical analysis which states that corrections often occur in three parts, or “ABC” waves. According to his chart, Bluntz suggests that Ethereum completed its three-wave correction when it hit $2,800 and is likely entering a new stage of its bull run.
The trader’s chart also suggests that there is now a bullish divergence between ETH/BTC’s price action and its relative strength index (RSI), a momentum indicator. A bullish divergence signals the possibility of a trend reversal because it indicates that an asset’s momentum is upward while the price continues to fall or move sideways.
At the time of writing, Ethereum is trading at $3,183, down more than 3% in the last 24 hours.
Bluntz also has his eye on a low-market-cap, under-the-radar altcoin that he believes just flashed a rare bullish signal.
The trader says Helium (HNT), an Internet of Things-focused blockchain project based on Solana, has likely bottomed out while showing a bullish divergence with its RSI.
“Very nice bullish divergence on the HNT here after sweeping both a major range high and now a range low, in fact the first it has had since 2022.
There are graphics that look pretty and hit rock bottom.
Source: Bluntz/X
At the time of writing, HNT is trading at $5.14, up over 13% in the last 24 hours.
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