Analyst Projects Bullish for Ethereum and Solana as Dollar Faces Correction

The world of cryptocurrencies is always in flux, and for enthusiasts who follow the market waves, the latest prediction from a well-known analyst brought a breath of optimism. Known for accurately hitting Bitcoin’s bottom in 2018, trader Bluntz, who has experience interpreting charts and investor psychology, shared a vision that suggests a promising horizon for Ethereum (ETH) and Solana (SOL).

Bluntz, who uses a pseudonym and talks to more than 200,000 followers on a well-known social media platform, pointed out that Ethereum, the second largest cryptocurrency by market capitalization, appears to have ended its recent corrective cycle, according to analysis of trading charts. short term. The interpretation of the 30-minute chart, using the Elliott Wave theory, known for signaling price movements through investor behavior, showed a bullish divergence, a technical signal that usually precedes upward movements.

The analyst’s forecast indicates that Ethereum, whose role is key as a leading smart contract platform, could be on track to surpass the 1,880 US dollar mark. With ETH already valued at $1,850 at the time of analysis, the scenario outlined by Bluntz suggests momentum that could take the coin even higher, potentially above $1,900 in the short term.

even though $eth has been the bane of my existence because ethbtc has been a perpetual bag of shit i still think there’s a nice flat setup here on the usd pair with 5 down now done and a nice LTF div to confirm it.

i think “the dip” is done and we atleast go for one more high… pic.twitter.com/wloysp0Pma

— Bluntz (@Bluntz_Capital) November 3, 2023

With regard to Solana, a cryptocurrency that has stood out for its impressive performance and has already accumulated an appreciation of around 338% in the year, Bluntz sees even more potential. The analyst highlighted a three-wave retracement within a solid uptrend, which in his view points to a trajectory that could take SOL beyond 50 dollars. For investors and enthusiasts, this analysis could represent a window of opportunity in the cryptocurrency, which has demonstrated robust growth.

that was an absolute gift of a dip on $sol imo.

18% 3 wave pullback in a monster uptrend, yes please, this is going straight to $50+ imo

trading this on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/in0afOypLS

— Bluntz (@Bluntz_Capital) November 2, 2023

However, Bluntz is not limited to just the world of cryptocurrencies. The analyst is also keeping an eye on the US dollar index (DXY), which reflects the value of the dollar against a set of foreign currencies. Risky assets, such as cryptocurrencies, tend to be influenced by fluctuations in this metric. With the DXY trading at 105,069 points, Bluntz anticipates a significant correction, which has historically boded well for the crypto market.

In summary, Bluntz’s view on the cryptocurrency market and the US dollar index provides a hopeful outlook for venture capitalists. Its technical analysis suggests upward movements for Ethereum and Solana, along with a potential correction in the dollar, creating a scenario that could favor an investment in digital assets.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.