The pseudonymous analyst known in the industry as Smart Contracter tells his 210,600 Twitter followers that while he sees Ethereum rallying nearly 70% in Q4, he predicts rough days for ETH for the rest of Q3.
“Looks like the larger ABC correcting the five-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.
$1,300 is still the spot to look for buys in my opinion provided the structure looks right when we get there.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.
Looking at the analyst’s chart, he predicts Ethereum could fall to around $1,300 by October before setting up a strong rally toward $2,200 before the end of the year.
Although Smart Contracter is short-term bearish on Ethereum, fellow crypto strategist Rekt tells his 327,200 Twitter followers that Ethereum can still regain its bullish momentum if it reclaims the $1,800 level as support.
“ETH has dipped to ~$1,550. But if ETH wants to keep its bullish bias, it needs to recover back above the orange area and weekly Close above/inside it, much like in mid-2021 (yellow circle). This orange region may turn into new resistance, otherwise.”
At time of writing, ETH is valued at $1,625, a 1.36% increase on the day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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