Ethereum Pullback Is Ending, Says Crypto Trader Who Predicted 2018 Bitcoin Bottom – Here’s The Timeline
The crypto strategist who found Bitcoin’s (BTC) 2018 bear market bottom says Ethereum (ETH) is likely in the final stages of its downtrend.
Pseudonymous crypto strategist Smart Contractor says his 210,900 Twitter followers that Ethereum is close to completing its final leg down before turning bullish.
Smart Contractor predicts that Ethereum will fall to around $1,200 within the next month before moving towards the target above $2,000.
“We are in the last part of this ETH correction, correcting the rise from July.
Been charting this step by step since the peak in August, only 10% or so down again before we start looking for long term buys.”
Smart Contractor is known in the industry as one of the best practitioners of the Elliott Wave theory, a technical analyst approach that attempts to predict future price action by following crowd psychology that tends to manifest itself in waves.
According to the analyst’s chart, Ethereum is in the middle of a C wave down, which he believes will set the stage for a new leg up.
Last month when Ethereum was trading around $1600, Smart Contractor predicted that ETH would print a lower high around $1800 (B wave) this month before establishing a local bottom for the next rally.
So far, Ethereum seems to be following the analyst’s script.
“Looks like the bigger ABC correcting five wave rally has started on ETH. This looks like an A wave for now, expect a bounce that ends up being a lower high soon.
$1,300 is still the place to look for buys in my opinion provided the structure looks right when we get there.”
Ethereum is trading at $1,444 at the time of writing, down over 2% on the day.
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