The crypto strategist who built his reputation in the industry by accurately pinpointing the Bitcoin bear market bottom says Ethereum is poised to print a new all-time high next month.
In a new video, Smart Contracter tells his 74,400 followers that Ethereum is breaking out after nearly two years of base building.
“Obviously, we’ve had a massive, massive accumulation period on ETH. It range [traded] from December 2018, came all the way up to July last year. We sort of broke out. Had a nice retest and now we’re just rocketing up.”
The analyst is using Elliott Wave principles, which is a technical analysis method that attempts to forecast future price action by identifying crowd psychology that manifests in waves. According to Smart Contracter, Ethereum is in the midst of a wave three, the longest and the most bullish out of the five waves.
“This looks like a wave three. I just have a feeling this thing’s going to rocket up… Just the way ETH/BTC is shaping up and looking at the high time frames on ETH, yeah I really do think that ETH is just going to moon to all-time highs from here… Looks like altseason’s begun.”
Looking at Ethereum against Bitcoin (ETH/BTC), the trader says the pair is starting to look bullish as it carves out a bottom.
“Nice high timeframe [inverse head and shoulders] forming on ETH/BTC. Volume picking up in the right shoulder which is good. Yes, everyone can see this, but trading really doesn’t have to be hard. Have a pretty fat ETH stack.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oleksii Synelnykov
