A closely tracked Crypto strategist and trader whose 2018 Bitcoin (BTC) bottom turned out to be true, now has his predictions for Ethereum’s year-end trading.
The analyst who is anonymously called Smart Contracter has come up with his analysis informing his 210,600 on Twitter saying the world’s second-largest cryptocurrency by market cap, Ethereum is all set to surge by 70% in Q4. However, his analysis claims a bumpy ride for Ethereum in Q3.
The analyst displays a chart and claims that Ethereum’s ABC correction for five-wave has started and calls this an A wave. He then forecasts ETH to bounce towards a lower high in the near future.
According to Smart Contracter, Ethereum’s price action around $1,300 is a buy option area.
looks like the larger abc coreecting the 5 wave rise has begun on $eth, this looks like an A wave for now, expecting a bounce that ends up being a lower high soon.
1300 is still the spot to look for buys imo provided the structure looks right when we get there. pic.twitter.com/gI7OYK7IDZ
— Bluntz (@SmartContracter) August 21, 2022 The strategist is well known for his practice of Elliott Wave theory. This theory opts for a technical analysis method forecasting the future price movement of an asset taking into account crowd psychology.
When the analyst’s chart is taken into consideration, there is a claim that Ethereum might see a downfall of around $1,300 by October before the currency attempts a rally towards $2,200 by 2022.
Ethereum Price To Reclaim $1,800?Though Smart Contract expects a bearish trend before a bull run, another crypto analyst, Rekt is seen informing his 327,200 Twitter followers that there is a chance for Ethereum to reclaim its bull run if it manages to trade above $1,800.
Rekt Capital asserts that if the lead altcoin wishes to see a bullish trend the currency should make an attempt to trade above the orange mark and close the week above or within the range. If ETH fails to do so, he predicts that the orange line will flip into a new resistance area.
Was this writing helpful?
Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.