A popular crypto analyst who accurately predicted a pair of Bitcoin (BTC) price crashes is issuing a potential price warning on Ethereum.
Pseudonymous crypto trader Dave the Wave tells his 69,200 Twitter followers that current price action is starting to suggest that Ethereum (ETH) will likely have a solid correction that could bring it all the way down to $1,000 in price.
“Unchanged medium term chart of ETH/ USD.
[Price action] starting to confirm the predicted solid correction…. not of the ‘garden variety’.”
The analyst’s chart forecasts Ethereum dropping to $1,350 sometime around the beginning of September, and then $1,000 the following month. ETH is trading at $2,012 at time of writing and is down 22% in the past 30 days, according to CoinGecko.
Still, the analyst says he’s bullish on Ethereum’s long-term future.
Dave the Wave accurately predicted Bitcoin’s crash from $11,400 to $6,400 in 2019. He also warned traders about bearish Bitcoin price action prior to the late-May crash, and he says BTC’s current price momentum is mimicking 2018.
He’s shared a chart indicating Bitcoin’s price could start heading upwards again after it drops all the way to $20,000. Bitcoin is trading at $32,973.17 at time of writing and is down nearly 19% in the past 30 days, according to CoinGecko.
“A few watching the drop in volatility. Question is whether it will also lead to a drop in price. The good news is price may not go as deep into the buy zone this time imo, but instead bounce off it.”
The analyst, however, also remains bullish about BTC’s long-term future.
“For those interested in the macro. The odds are in your favor that you’ll be right in permanently saying price will go up to much greater prices… eventually.”
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