Ethereum (ETH) is showing strong signs of a potential breakout, according to a popular crypto strategist. The analyst, known as Bluntz, believes that Ethereum is demonstrating “serious strength” in both its USD and Bitcoin pairs. Bluntz, who utilizes Elliot Wave Theory in his technical analysis, suggests that Ethereum has completed a three-wave correction and could now be entering a new phase of its bull run. Additionally, Bluntz highlights a bullish divergence between ETH/BTC’s price action and its relative strength index (RSI), indicating a possible trend reversal. However, at the time of writing, Ethereum is trading at $3,183, experiencing a 3% decline in the last 24 hours.
Bluntz is also keeping an eye on an underrated altcoin with a lower market cap, Helium (HNT). This Internet of things-focused blockchain project, based on Solana, has recently shown a rare bullish signal. Bluntz notes that HNT has likely reached its bottom and is exhibiting a bullish divergence with its RSI. He suggests that there are some promising charts indicating that HNT has hit rock bottom. Currently, HNT is trading at $5.14, displaying a 13% increase in the last 24 hours.
In summary, Ethereum appears to have significant momentum, according to Bluntz, and an under-the-radar altcoin like Helium is also showing promising signs of a bullish reversal.