Ethereum’s Five-Wave Rally Signals Bullish Breakout Ahead
Ethereum’s price action just flashed a textbook Elliott Wave pattern—five distinct rally waves hinting at a major upward trajectory. Traders are circling like sharks smelling blood in the water.
Why it matters: Wave theory suggests this isn’t just another pump. If history rhymes, ETH could be gearing up for a sustained climb—assuming the whales don’t rug-pull retail (again).
The kicker? This rally defies the usual ‘buy the rumor, sell the news’ crypto cycle. Either Ethereum’s fundamentals finally caught up with its hype, or we’re witnessing the mother of all bull traps. Place your bets.
$2,573 managed to stabilize around $2,478. With sustained investor interest, there might be broader upward movement in the upcoming weeks.
ContentsFive-Wave Rally Scenario for ethereum PriceBeyond Humor: SPX6900 Memecoin Aims for Record Heights
Five-Wave Rally Scenario for Ethereum Price
Bluntz’s analysis of the four-hour chart indicates a short pause in the fourth step of the five-wave model. According to this theory, once wave 5 is completed, Ethereum is expected to approach the $3,500 threshold. While Trump’s high-tax rhetoric has caused fluctuations in tech stocks, Ethereum’s correlation remained limited, with momentum indicators still pointing to strong buyer pressure. Particularly, growing interest in spot Ethereum ETFs acts as a potential catalyst.
Analysts remind that interim pullbacks are inevitable as part of the bullish correction cycle. However, the $2,300 region forming a strong demand line ensures the rally is considered “healthy.” The increase in open positions in futures markets and the demand for calls in the options market reveal supportive investor sentiment. In the short term, daily closes above $2,650 are seen as critical for the acceleration of wave 5.
Beyond Humor: SPX6900 Memecoin Aims for Record Heights
Bluntz doesn’t focus solely on Ethereum; he is also optimistic about the SPX6900 memecoin, which grabs attention with its “69 trillion-dollar market cap” motto. The analyst expects a new peak of $2.30 in October, stating, “I will hold on to my SPX until then.” It’s believed that SPX6900 may attract attention if the S&P 500 index breaks new records. Crypto strategist Jack supports the expectation, saying, “if the S&P 500 makes headlines again, holding onto SPX6900 makes sense.”
Nonetheless, the memecoin ecosystem is inherently open to abrupt fluctuations. Price movements depend on various factors ranging from community jokes to exchange liquidity. Experts advise investors to review their risk profiles without getting swayed by humorous narratives. The rising popularity of SPX6900 might also reflect on Ethereum-based projects, supplying fresh inflow to the ecosystem.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.