Elliot Wave Predictions: Ethereum Could Reach $900 This Year

Elliot Wave who is a popular technician under the name Benjamin Blunts gave a crypto prediction about ethereum that says it could reach up to $900 this year. In the coming altcoin news below, we read more on his explanation.

The massive bitcoin bull run over the past few weeks increase the euphoria among the crypto users. Some were even starting to give predictions that the number one cryptocurrency will hit $60,000 in the last bull cycle. Elliot Wave looked at Ethereum and saw a huge resemblance between the 2017 price movements and the market structure of today. On June 15, he wrote on Twitter in order to explain the potential bullish setup for the cryptocurrency.

According to him, ethereum sparked a huge bull run after it broke out of the triangle in 2017. The same thing appears to be happening now since he wrote ‘’I Think I’m having deja-vu here.’’ Another very important detail is that the analyst looked at the different charts in the declining volume so it looks like the decreasing volume while the market consolidates is bullish. It also indicates that the sellers are losing their ammunition so the price reaches the apex and contracts and the sellers get drained so the demand is overwhelming the supply. Elliot Wave also noted that the key level to break is $302. Currently, Ethereum is trading above $302 and if he is correct, we could expect the prediction to come true.

As per the latest cryptocurrency news, trader and analyst Luke Martin also shared his thoughts on Twitter about Ethereum by saying that if Bitcoin struggles to go past $11,200, Ethereum will go ‘’on a tear and touch $340.’’ This price point seems to be a very conservative target since another analyst CryptoFella expects Ethereum to go higher even at $835. Ethereum could hit the target price that Elliot Wave gave according to the weekly charts which show that the cryptocurrency is taking on a key resistance area.

Moving above $385 with a heavy volume could boost Ethereum into the sky. This could also trigger the breakout from the bottom pattern and could start a reversal trend for Ethereum and its macro perspective.