A crypto strategist who accurately predicted the bottom of the 2018 Bitcoin bear market has some ominous news for Ethereum holders. The pseudonymous analyst, known as Bluntz, warns that ETH may be in the midst of a bearish lower high setup and could be due for a correction.
Bluntz took to Twitter to share his concerns with his 222,800 followers, stating that Ethereum is showing signs of bullish exhaustion. According to a chart shared by Bluntz, he predicts that ETH may experience a short-lived rally in the coming days before correcting down to $1,700.
“I dunno about y’all but ETH definitely is not looking too crash hot to me,” Bluntz said in his tweet. “Clear five-wave decline, slow three-wave move back up to the 0.618 Fib where we had another savage sell-off. This is screaming lower high to me. I think $1,700 is probably the next stop where I’ll re-evaluate.”
Bluntz is renowned for his accurate predictions in the crypto space, and his warning has caught the attention of traders and investors alike. At the time of writing, Ethereum is trading at $1,852, down from its recent high of $2,000.
Bluntz is also keeping a close eye on Binance Coin (BNB), the utility token of the world’s largest crypto exchange. The analyst warns that BNB appears bearish on both the USD and BTC pairs.
“Pretty key structure is being lost on BNB/USD pair and BNB/BTC pair in a monster downtrend already,” Bluntz said. “Feels like the market is trying to price something in on this pair, probably an FTX clawback or more regulatory bodyslams, not sure but it doesn’t look too crash hot to me.”
In the volatile world of crypto trading, accurate predictions are highly sought after, and Bluntz has built a substantial following based on his accurate analysis. While his predictions are not always correct, his track record speaks for itself.
In conclusion, Bluntz’s warning should not be taken lightly by ETH and BNB holders. With the crypto market as volatile as ever, it is important to keep a close eye on any bearish signals that may arise. As always, investors should conduct their own research and seek professional advice before making any investment decisions.