Analyst Says Ethereum Will Hit $8,000 ATH, But It Has to Happen First

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A cryptocurrency analyst predicted that Ethereum (ETH)the world’s second largest cryptocurrency will rise to recent all-time highs around the $8,000 price level. However, for Ethereum to reach that level, ambitious price targetThe analyst emphasized that the cryptocurrency must meet certain key conditions.

Ethereum Roadmap to $8,000 ATH

A cryptocurrency analyst identified as “Bluntz” on X (formerly Twitter) has expressed bullish optimism about Ethereum’s future prospects. Analyst predicted that ETH can be a witness Mega rally to a high of $8,000 this market cycle.

Bluntz shared a video on his official X account on June 8, outlining the key conditions Ethereum will need to meet before it reaches recent all-time record around USD 8,000. The cryptocurrency analyst noted that the ETH/USD rate is currently close recent lowsAs a result, Ethereum may be approaching the lowest point in its current downtrend.

Analyst reveals it is highly unlikely that Ethereum will launch immediately rising upwards from its current low point. He emphasized that the cryptocurrency will have to go through additional downward movement before the price skyrocketed to $8,000.

Bluntz believes that for Ethereum to begin its journey to $8,000, the cryptocurrency needs to “sweep $2,800, break the low and reclaim it.” The analyst then revealed that a three-wave corrective pattern, known as “ABC,” will be completed, potentially signaling the end Ethereum Downtrend and the beginning of a significant upward movement.

Bluntz also noted in his video that Ethereum ABC wave correction will see the cryptocurrency rise to $6,000, followed by a pullback and a rebound to a cyclical high around $8,000. He expects Ethereum will trade sideways testing recent lows for a while before entering the rebound phase.

Analyst Says Ethereum’s Biggest Gains Are Yet to Come

In his post, Bluntz confidently stated that Ethereum has yet to experience its “big run” in this market cycle. Although the cryptocurrency reached recent highs over $4,000 earlier this year, Bluntz and several other cryptocurrency analysts predicted more bullish growth for cryptocurrency.

One of the main reasons for market optimism regarding Ethereum Price Outlook is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETF). Bluntz revealed in his video that the launch Ethereum Spot ETFs will likely cause Ethereum prices to rise significantly.

The analyst revealed that various members of the cryptocurrency community have engaged in a heated debate over the potential launch of an Ethereum ETF, with expectations that it will have positive impact on the value of Ethereum. Contrary to popular belief, however, Bluntz predicts a large sell-off in ETH, emphasizing that the cryptocurrency’s price will likely fall following the launch of its ETF.

This initial sell-off could indicate a shake-out of weaker hands in the cryptocurrency market. After that, Bluntz expects Ethereum to be “bigly bid up,” potentially pushing the price higher.

ETH price falls from local peak | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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