Benjamin Blunts, a popular crypto trader and Elliott Wave technical analyst has compared Ethereum movement in 2017 and now and found a striking resemblance between price actions. He believes that a new long-lasting bull cycle has begun.
Lately, the top crypto Bitcoin has been enjoying incredibly rapid growth. In the last 24 hours, Bitcoin price has increased by over 11% and currently makes up $ 12,612 per coin, with $ 224,2 billion market cap. While many hope that BTC price surge indicates the beginning of a new long-lasting bull cycle, crypto geeks start moving faster allocating their capital to other crypto tokens, and the first option to invest in after Bitcoin is Ethereum.
Benjamin Blunts, a popular crypto trader and Elliott Wave technical analyst, has compared Ethereum movement in 2017 and now and found a striking resemblance between price actions. On Twitter, he demonstrated the results of his analysis and wrote that he has a kind of deja-vu.
$eth 2017 – present comparison, if we clear $302, look the fuck out.
I think im having deja-vu here.
no other words necessary, a picture paints a thousand words. pic.twitter.com/M0BpUAivL6
— Bluntz (@Bluntz_Capital) June 15, 2019
In his post, Benjamin Blunts noted that on both charts, there is the declining volume from wave A to the apex of the triangle. Decreasing volume with the market in consolidation is considered bullish, which means that when price contracts at the apex and sellers are drained, demand overwhelms supply and leads to a breakout.
Further, the analyst pointed out that the key level to break is $302. The sideways movement started on June 16, when Ethereum broke out at the $277 price level after the consolidation. Bulls propelled the coin towards the $289 level and broke it up. The bullish momentum extended to $318 supply level.
At the moment of writing, Ethereum is trading at $333.31 per token. If Benjamin Blunts is right, we may see a lot of surprising things in the nearest future, and one of them is Ethereum reaching $900.
Bullish Predictions On Ethereum
Benjamin Blunts seems to be optimistic about Ethereum in general. Earlier, he predicted a bullish run on the market, saying that this will happen anyway, it is just a matter of time when. Moreover, he once stated that Ethereum can be a new Bitcoin.
you think think $250 $eth is cool, well you'll love it at $500.$eth is the new $btc.
dips are for buying 🤷♀️ pic.twitter.com/vTIygWk1ab
— Bluntz (@Bluntz_Capital) May 15, 2019
Among other Ethereum optimists is Luke Martin, crypto trader and analyst. He predicts Ethereum will go above $340.
Watch $ETH go on a tear higher if Bitcoin gets stuck at the 11.2k zone again. I would like to see $340 reached.
If Bitcoin doesn't stop at resistance then I would expect it to continue to outpace major alts.
— Luke Martin (@VentureCoinist) June 23, 2019
Indeed, the new highs are anticipated, and there’re several reasons for that.
First, On January 3, 2020, a new version of Ethereum will be introduced. The date coincides with Bitcoin’s 11-year anniversary. Ethereum 2.0 is expected to facilitate on-chain transactions and ensure the highest level of security and preserve decentralization.
Also, as we’ve previously reported, MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) to roll out Ethereum-based smart contract platform known as Lifechain.
This initiative marks the growth of Ethereum blockchain as well as ETH token popularity allowing Ethereum supporters think that one day this currency may become a new Bitcoin, as Benjamin Blunts once stated.