‘Monster’ Ethereum (ETH) Rally Enters with Additional Altcoin Set to Outperform, Says Top Crypto Analyst
A popular crypto analyst known for calling the 2018 Bitcoin (BTC) bottom is predicting a massive rally for Ethereum (ETH).
The pseudonymous analyst Smart Contractor says his 221,400 Twitter followers that Ethereum appears to be at the end of a correction and poised to rise.
“ETH/BTC just hit a six-month low, just 3% lower before my big buy zone.
Not the circumstances I expected this to happen (I thought ETH and BTC would fall, but ETH more), but there’s no way I’m missing out on the monster ETH rally coming.”
Looking at his chart, the analyst sees ETH/BTC in a downward correction and about to hit the crucial 0.618 Fibonacci retracement support, which traders see as a likely point for a bounce.
Smart Contractor’s bullishness on ETH comes as crypto analytics platform Santiment says sharks have amassed 3.61 million ETH coins in the past year, worth a whopping $6.13 billion.
However, whales landed more than twice as much.
“Ethereum’s large addresses have significantly changed the supply. Addresses with 10-10,000 ETH have collectively added 3.61 million coins in the past year. Meanwhile, addresses with 10,000-10,000,000 ETH have collectively dumped 9.43 million in the same time frame .”
The cryptanalyst too says Optimism (OP) also looks bullish.
“Bullish expanded flat on daily for OP against USD, BTC and ETH pairs. Looks like one of the alts that will work very well in my opinion.”
Using the Elliott Wave theory, an advanced technical analysis method that predicts future price action based on crowd psychology that manifests itself in waves, Smart Contractor says Optimism is at the bottom of a correction and sets the stage for an upward move.
Ethereum is worth $1,819 and Optimism is trading at $2.57 at the time of writing.
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