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May 22, 2024
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Ethereum (ETH) Price on Cusp Of Major Breakout

The post Ethereum (ETH) Price on Cusp Of Major Breakout appeared first on Coinpedia Fintech News

As the ongoing bear market is already shaking the investor’s faith, a prominent trader has emerged with a bullish outlook on Ethereum (ETH) compared to Bitcoin (BTC). This trader, known as Bluntz, is gaining attention for suggesting that the Ethereum/Bitcoin (ETH/BTC) pair is on the verge of a breakout.

Ethereum Primed for a Breakout

With a substantial Twitter following of 223,100, Bluntz shares his optimistic sentiment regarding Ethereum’s performance against Bitcoin. He suggests that the ETH/BTC pair is on the cusp of a significant breakout, which could lead to a strong rally for Ethereum. Bluntz’s chart analysis indicates the formation of a falling wedge pattern, a pattern commonly associated with bullish market conditions.

As of writing, Ethereum is trading at 0.06897834 BTC, equivalent to $1,849. This price point sets the stage for a potential upward surge if Bluntz’s breakout prediction materializes. 

“ETH/BTC potentially on the cusp of a major breakout.”

Bitcoin’s Concerning Development

Bluntz also offers insights on the Bitcoin/US dollar pair, cautioning about a worrisome development. According to the trader, Bitcoin has fallen below a critical support level and re-entered the breakout range, indicating a potential cause for concern. Bluntz suggests that reducing exposure to Bitcoin might be a prudent move in light of this development. However, at present, Bitcoin is trading at $27,080.

The Graph’s Promising Potential

In addition to his analysis of Ethereum and Bitcoin, Bluntz shares his perspective on The Graph (GRT), a blockchain indexing protocol. Highlighting a recent rally of over 10% within the past week, the trader believes The Graph has further upside potential. Notably, the altcoin has broken out of a falling wedge pattern, signaling a favorable trading structure according to Bluntz. 

He expresses confidence that there is still ample room for growth, stating, “Still plenty of juice in the tank in my opinion.” As of writing, The Graph is trading at $0.129. 

Source: Bluntz/Twitter

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