Ethereum (ETH) Will Surge to New All-Time Highs of Around $8,000 But Must First Fulfill These Key Conditions – Market Updates Bitcoin News

A crypto analyst identified as ‘Bluntz’ on X (formerly Twitter) has expressed bullish optimism for Ethereum’s future outlook.

A crypto analyst has predicted that Ethereum (ETH) could surge to new all-time highs around the $8,000 price mark. However, for Ethereum to reach this ambitious price target, the analyst emphasized that the cryptocurrency must fulfill certain key conditions.

A crypto analyst, known as ‘Bluntz’ on X (formerly Twitter), has expressed bullish optimism for Ethereum's future outlook. The analyst predicted that ETH could witness a mega rally to an $8,000 all-time high this market cycle.

In a video shared on June 8 via his official X account, Bluntz highlighted the key conditions that Ethereum will have to overcome before it can reach a new all-time high around $8,000. The analyst noted that ETH/USD is currently near recent lows, which could indicate that Ethereum is nearing its lowest point in this current bearish trend.

The analyst disclosed that it was unlikely that Ethereum would immediately begin surging upwards from its current low point. He emphasized that the cryptocurrency would need to undergo additional downward movement before witnessing a surge to the $8,000 price target.

For Ethereum to begin its road map to the $8,000 all-time high, Bluntz believes that the cryptocurrency must “sweep $2,800, take out the low and reclaim it.” After this, the analyst revealed that a three-wave corrective pattern, termed an “ABC,” will be completed, potentially signaling the end of Ethereum’s downward trend and the beginning of a substantial upward movement.

Bluntz also noted in his video that Ethereum's ABC wave correction will send the price of the cryptocurrency to $6,000 before pulling back and rallying again to a cyclic top of around $8,000. He expects Ethereum to trade sideways for a while, testing new lows before entering a recovery stage.

The analyst asserts that Ethereum's biggest gains are yet to comeBluntz confidently asserted in his post that Ethereum has yet to experience its “big run” in this market cycle. While the cryptocurrency did surge to new highs above $4,000 earlier this year, Bluntz and a few other crypto analysts have predicted more bullish upsides for the cryptocurrency.

One of the primary reasons behind the market’s optimism concerning Ethereum’s price outlook is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETFs). Bluntz disclosed in his video that the introduction of Ethereum Spot ETFs will likely trigger a substantial price increase for Ethereum.

Several crypto community members have been engaging in a hot debate about the potential launch of the Ethereum ETF, expecting it to have a positive impact on Ethereum's value. However, contrary to belief, Bluntz anticipates a major ETH sell-off, emphasizing that the price of the cryptocurrency will likely drop following the launch of its ETF.

This initial sell-off phase could indicate the shakeout of weaker hands in the crypto market. Following this, Bluntz expects Ethereum to be “bid up heavily,” potentially driving the price upwards.

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