The crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market backside says Ethereum (ETH) is probably going in the last levels of its downtrend.
Pseudonymous crypto strategist Smart Contracter tells his 210,900 Twitter followers that Ethereum is shut to finishing its last leg down earlier than turning bullish.
Smart Contracter predicts that Ethereum will fall to round $1,200 by subsequent month earlier than rallying towards his goal above $2,000.
“We’re in the last innings of this ETH correction, correcting the rise from July.
Have been mapping this out step-by-step since August high, solely 10% or so extra down to go earlier than we start to search for long-term buys.”
Smart Contracter is understood in the business as one in every of the high practitioners of the Elliott Wave principle, a technical analyst strategy that makes an attempt to predict future price motion by following crowd psychology that tends to manifest in waves.
According to the analyst’s chart, Ethereum is in the midst of a C wave down, which he believes would set the stage for a brand new leg up.
Last month when Ethereum was buying and selling round $1,600, Smart Contracter predicted that ETH would print a decrease excessive round $1,800 (B wave) this month earlier than establishing a neighborhood backside for the subsequent rally.
So far, Ethereum seems to be following the analyst’s script.
“Looks like the bigger ABC correcting the five-wave rise has begun on ETH. This seems to be like an A wave for now, anticipating a bounce that finally ends up being a decrease excessive quickly.
$1,300 continues to be the spot to search for buys in my view offered the construction seems to be proper once we get there.”
Ethereum is buying and selling at $1,444 at time of writing, down over 2% on the day.
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