The crypto strategist who accurately predicted the bottom price of Bitcoin (BTC) during the 2018 bear market has issued a warning to Ethereum (ETH) holders.
The analyst, known by the alias Smart Contracter, told 210,300 Twitter followers that the leading smart contract platform Ethereum could rally towards around $2,000. told. However, the analyst is of the opinion that after this development, the ETH price will depreciate by 36%.
“If ETH breaks a new high here over the weekend, it completes five waves action on the daily chart and creates a potential high in the new week. ‘If’ (this pattern) is confirmed by a new high, some long-term buying opportunities may be offered next month around $1,270.”
Elliot Wave theory, which the analyst uses, is a technical analysis tool that manifests in waves and predicts future price movements by following crowd psychology. According to the theory, an asset goes through a five-wave cycle before reversing a major trend.
Again, popular analyst Pentoshi agrees with Smart Contracter’s view on ETH. Pentoshi tells his 592,300 Twitter followers that Ethereum is likely to experience correction as it struggles to rise around a major resistance area. told.
“I like the good doji (the financial term where the opening and closing prices are equal and there is a small trading range in length) on the weekly charts. What usually happens after entering resistance? You could argue that weakness occurs in resistance. You wouldn’t believe what happened next.”
While Smart Contracter and Pentoshi are expecting a drop in ETH, popular crypto strategist Altcoin Sherpa says Ethereum has a good chance to keep the bullish momentum alive if it manages to break the resistance at $1,700. says.
“Think simple. If Ethereum is accepted into this range, I think we could see a move towards the $2,000 highs. I think if this happens everything will continue to rise as ETH/USD is leading the market.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.