A popular crypto analyst best known for predicting Bitcoin (BTC) bottoming out in 2018, Ethereum It thinks (ETH) is ready for an exit.
The analyst, nicknamed Smart Contracter, shared a chart with 221,700 Twitter followers showing that Ethereum could soon surpass the $1,900 level.
“I believe there is a high probability of seeing a weekly low in ETH. Because it saw the highest and lowest levels hourly. However, it pulled back without any upside wick after the weekly close. Also, the structure looks like an ABC wave.”
Smart Contracter is a popular practitioner of Elliott Wave theory, an advanced approach to technical analysis that tries to predict future price movements by following crowd psychology, which tends to manifest in waves. According to the theory, a bullish asset tends to resume its uptrend after it passes the ABC corrective move.
Koinfinans.com As we reported, Ethereum is trading at $ 1,736 at the time of writing. The second-ranked crypto asset by market cap has dropped 2.9% in the last 24 hours.
Smart Contracter also noted that Bitcoin’s recent price spike could mean a few different things. thinks. But the best of all crypto- He thinks it’s an uptrend for his existence.
“The fact that BTC is rising amid all this turmoil and having a huge weekly breakout is telling us one of two things. However, it is too early to say which yet.
First, he says that BTC is still a risk asset and, as it always does, moves before stocks and stocks will catch up soon.
Secondly, it tells us that it is finally decoupling from commercial finance and is now a safe-haven entity doing what it was originally intended to be.”
Bitcoin is trading at $27,812 at the time of writing and is down 0.19% in the last 24 hours.
Smart Contracter is also an Ethereum competitor witherHe thinks (SOL) could rise against Bitcoin (SOL/BTC) after surpassing diagonal resistance on the hourly chart.
“A nice SOL/BTC breakout after a nice SOL/USD weekly close.”
SOL is worth $22.47 at the time of writing. The 11th-ranked crypto asset by market cap has increased by 1.33% in the last 24 hours.