Speculation around a five-stage upward wave in Ethereum’s price graph has caught market attention.
Known as “Master Trader” on Bybit, analyst Bluntz highlights that we are in the fourth leg of the Elliott wave model, with the $3,500 target deemed quite reasonable. Despite former President Donald Trump’s proposed tariffs on iPhones and the EU causing short-term disruptions, Ethereum
$2,529 managed to stabilize around $2,478. With sustained investor interest, there might be broader upward movement in the upcoming weeks.
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.
