A crypto strategist who built his following after nailing the 2018 Bitcoin (BTC) bear market bottom says that Ethereum (ETH) is flashing signs of bullish exhaustion.
Pseudonymous analyst Bluntz tells his 222,800 Twitter followers that Ethereum may have likely printed a bearish lower high setup when it rallied to around $2,000 last week.
According to a chart shared by Bluntz, he appears to predict a short-lived rally for ETH in the coming days before correcting all the way down to $1,700.
“I dunno about y’all but ETH definitely is not looking too crash hot to me.
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 probably next stop where I’ll re-evaluate.”
At time of writing, Ethereum is trading for $1,852.
Bluntz is also keeping an eye on Binance Coin (BNB), the utility token of the world’s largest crypto exchange. According to the analyst, BNB looks 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.
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.”
Looking at Bluntz’s chart, he appears to predict a BNB correction toward the $260 price area. At time of writing, BNB is trading for $313.
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Source: https://dailyhodl.com/2023/05/09/analyst-known-for-calling-bottoms-predicts-ethereum-correction-says-eth-screaming-bearish-signal/