A widely followed crypto strategist believes that the leading altcoin Ethereum (ETH) is close to carving a mid-cycle bottom.

In a new video update, pseudonymous analyst Bluntz tells his 264,400 followers on the social media platform X that Ethereum is about to conclude its ABC corrective wave.

Bluntz practices the Elliott Wave theory, which states that a consolidating asset tends to witness an ABC correction before igniting a fresh five-wave surge.

“Looking at ETH/USD, we’re basically down here at the lows again, but I think it would be very odd if we just moved up from here…

I think ultimately ETH needs to sweep $2,800, take out the low and reclaim it and then finally we would have what looks like a proper ABC down on Ethereum… [I think] we go sideways here on ETH for a little bit and take the lows and then look to bounce.”

Source: Bluntz/X

According to the analyst, Ethereum’s ABC correction will eventually resolve to the upside, sending ETH initially to a new all-time high of $6,000 before pulling back and rallying to a cycle top of $8,000.

“I still firmly believe ETH has not had its big run yet and I do think it will definitely be coming this cycle. It’s just late.

It’s probably going to be induced by the ETH ETF narrative, which is supposedly coming out any day now. Everyone’s talking about it, everyone’s expecting it to be this giga-bullish ETH news. So I think what will most likely happen in my opinion is ETH will sell off first, take the lows, f**k everyone over and then start to get bid up heavily.”

Source: Bluntz/X

At time of writing, Ethereum is worth $3,048.

Generated Image: Midjourney