A crypto strategist who gained a following after bottoming out in the Bitcoin (BTC) bear market in 2018 says that Ethereum (ETH) is showing signs of bullish exhaustion.
Pseudonymous analyst Bluntz tells his 222,800 Twitter followers that Ethereum likely printed a lower bearish setup when it surged to around $2,000 last week.
According to a chart shared by Bluntz, he appears to be predicting a short-lived rally for ETH in the coming days before correcting as high as $1,700.
“I don’t know about you, but ETH definitely doesn’t look too attractive to me.
Clear five wave decline, slow three wave move back to Fibonacci 0.618 where we had another wild sell off.
This is screaming at me lower.
I think $1,700 is probably the next stop where I’ll retest.”
At the time of writing, Ethereum is trading at $1,852.
Bluntz is also keeping an eye on Binance Coin (BNB), the utility token of the world’s largest crypto exchange. According to the analyst, BNB looks bearish on both the USD and BTC pairs.
“You’re missing out on a pretty key structure in BNB/USD and BNB/BTC in a monster downtrend.
It feels like the market is trying to price this pair in, probably an FTX rally or more regulatory changes, I’m not sure, but it doesn’t look too appealing to me.”
Looking at the Bluntz chart, it seems to predict a BNB correction towards the $260 price area. At the time of writing, BNB is trading at $313.
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