The crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market bottom says Ethereum (ETH) is likely in the final stages of its downtrend.
Pseudonymous crypto strategist Smart Contracter tells his 210,900 Twitter followers that Ethereum is close to completing its final leg down before turning bullish.
Smart Contracter predicts that Ethereum will fall to around $1,200 by next month before rallying toward his target above $2,000.
“We’re in the final innings of this ETH correction, correcting the rise from July.
Have been mapping this out step by step since August top, only 10% or so more down to go before we begin to look for long-term buys.”
Smart Contracter is known in the industry as one of the top 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 in waves.
According to the analyst’s chart, Ethereum is in the midst of a C wave down, which he believes would set the stage for a new leg up.
Last month when Ethereum was trading around $1,600, Smart Contracter predicted that ETH would print a lower high around $1,800 (B wave) this month before establishing a local bottom for the next rally.
So far, Ethereum appears to be following the analyst’s script.
“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.”
Ethereum is trading at $1,444 at time of writing, down over 2% on the day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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