The crypto strategist who nailed the bear market of Bitcoin (BTC) 2018 expects a strong year-end performance for Ethereum (ETH).
The pseudonymous analyst known in the industry as Smart Contracter tells His 210,600 Twitter followers, while he sees Ethereum up nearly 70% in the fourth quarter, foresees tough days for ETH for the remainder of the third quarter.
“It seems the biggest ABC that corrects the five wave rise has started on ETH. This looks like an A wave for now. Expecting a rebound that will end up being a lower high soon.
In my opinion, $ 1,300 is still the place to look for purchases, as long as the property looks right when we get there. “
Smart Contracter is a popular practitioner of Elliott Wave Theory, a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that tends to manifest in waves.
Looking at the analyst’s chart, he predicts that Ethereum could drop to around $ 1,300 by October before starting a strong rally towards $ 2,200 before the end of the year.
Although Smart Contracter is short-term bearish on Ethereum, fellow crypto strategist Rekt tells his 327,200 Twitter followers that Ethereum can still recover its bullish momentum if it claims the $ 1,800 level as support.
“ETH it fell to ~ $ 1,550. But if ET wants to maintain its upward bias, needs to recover above the orange area and close above / inside it weekly, just like in mid-2021 (yellow circle). This orange region could turn into a new resistance, otherwise. “
At the time of writing, ETH is worth $ 1,625, up 1.36% over the day.
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