A closely tracked cryptocurrency strategist and trader whose 2018 bottom for Bitcoin (BTC) turned out to be real now has a year-end trading prediction for Ethereum.
Anonymous known as analyst Smart Contracter, who presented his analysis, notified his 210,600 people on Twitter that the world’s second-largest cryptocurrency by market capitalization, Ethereum, will surge in the fourth quarter 70%. However, his analysis claims that Ethereum will experience a bumpy third quarter.
The analyst shows a chart and claims that Ethereum’s ABC correction to wave five has begun, and refers to it as wave A. He then predicted that ETH would rally to lower highs in the near future.
According to Smart Contracter, Ethereum’s price action around $1,300 is a call option area.
It looks like the larger abc and the direction of the 5th wave up has started on $eth, It looks like a wave A now, expecting the rally to end soon to be a lower high.
1300 is still the place to look to buy imo, assuming the structure looks right when we get there. pic.twitter.com/gI7OYK7IDZ
— Brenz (@SmartContracter) August 21, 2022
This strategist is known for his practice of Elliott Wave Theory. The theory opts for a technical analysis method to predict the future price movement of an asset, taking into account crowd psychology.
When considering analysts’ charts, there are claims that Ethereum could drop to around $1,300 in October before the currency will try to rally to $2,200 by 2022.
ETH price reclaims $1,800?
While smart contracts anticipate a bearish trend ahead of a bull run, another cryptocurrency Analysts, Rekt can be seen informing his 327,200 Twitter followers that if Ethereum trades above $1,800, it has a chance to resume the bull run.
Rekt Capital asserts that if the leading altcoin wants to see a bullish trending currency should try to trade above the orange mark and close the week above or within the range. If ETH does not, he predicts that the orange line will flip into a new resistance area.
Was this article helpful?
Elena R
Erin Na is an expert in technical analysis and risk management of the cryptocurrency market. She has 10+ years of writing experience – as such, she is an avid journalist with a passion for researching new insights into the crypto age.
