Knowing the 2018 bear market bottom of Bitcoin (BTC), the crypto strategist draws attention with his comments on the second largest cryptocurrency Ethereum (ETH). The analyst thinks that Ethereum (ETH) is probably in the last stages of the downtrend. Here are the details…
Analyst: We are in the final phase of Ethereum correction
Anonymous analyst Smart Contracter shared his new comments on Ethereum to his 210,900 Twitter followers. He said that ETH is close to completing its last leg before moving higher. Smart Contracter thinks Ethereum will rise towards its target above $2,000. But before that, he expects a drop to around $1,200 by next month. Smart Contracter used the following statements:
After the correction after the July bullish, we are in the final phase of this ETH correction. We have been planning this step by step since the peak of August. It’s just 10 percent or more down before you start looking for long-term buys.
Smart Contracter is known as one of the best practitioners of Elliott Wave theory. This theory tries to predict future price action in the industry by following the psychology of the crowd. It is a technical analysis approach. According to the analyst’s chart, Ethereum is in the middle of a wave C that he believes will set the stage for a new uptrend. As it is known, the analyst correctly predicted that BTC would go to $ 3,200 in 2020. He also pointed to the prospect of a rally towards the end of that year. He predicted $23,000 for BTC in 2021. Finally, he accurately predicted the $1,600 level for Ethereum and the drop in 2021. It is also worth noting that he correctly predicted the BTC bottom in 2018.
$1,300 level, available for purchase
Last month, while Ethereum was trading around $ 1,600, Smart Contracter attracted attention with a comment. He had predicted that ETH would see a lower high this month around $1,800 (wave B) before forming a local bottom for the next rally. So far, Ethereum seems to be following the analyst’s scenario. The analyst used the following statements:
It looks like bigger ABC is correcting five waves bullish in ETH. This looks like an A wave for now. A bounce is expected that will soon reach a lower level. I think $1300 is still the place to look for purchase, provided the build looks right when we get there.
This week was a big one for ETH
It has been a great week for Ethereum and yet one of the worst for ETH in recent times. Despite Ethereum’s seamless transition from PoW to PoS, ETH has dropped close to 20 percent in the last three days. ETH is down 5.6 percent today and dropped to $1,416.57 early Friday afternoon.
The second-largest cryptocurrency by market cap looks close to surpassing $1,400, a low not seen since late July. The week started off on a very different note for high-flying ETH with high expectations for the merge. As we reported on Kriptokoin.com, it briefly surpassed $1,780 on Sunday. However, at the time of writing, it is around $ 1,430.
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