A popular crypto analyst, who accurately predicted the lowest point reached by Bitcoin during the 2018 bear market, predicts a massive rally for the leading altcoin Ethereum (ETH).
Crypto analyst using the nickname Smart Contracter says that the popular altcoin Ethereum is at the end of a correction. thinks. According to the analyst, ETH looks ready to rise:
“ETH/BTC just hit a six-month low, just 3% lower than my main buy zone. Not under the circumstances I expected this to happen (I thought ETH and BTC would drop but I thought ETH would drop more) but I have no chance to miss the upcoming monster ETH rally.”
Looking at the chart, the analyst thinks ETH/BTC is in a downside correction. According to the chart, ETH is about to touch the critical 0.618 Fibonacci retracement support, which traders see as a possible spot for a bounce.
Smart Contracter’s rise in ETH is based on crypto analytics platform Santiment’s 3.61 million ETH accumulation last year, worth $6.13 billion from sharks. But whales, the other large group of investors, dumped more than double that amount.
“Ethereum’s major addresses have dramatically changed their holding supply. Addresses holding 10-10,000 ETH collectively added 3.61 million coins last year. Meanwhile, addresses holding 10,000-10,000,000 ETH collectively disposed of 9.43 million in the same timeframe.”
The crypto analyst also says that Optimism (OP) is on the rise alongside the leading altcoin ETH.
“The bullish broad daily for OP against USD, BTC and ETH pairs. I think it looks like one of the altcoins that will perform very well.”
Using Elliott Wave theory, Smart Contracter says that the OP is at the bottom of a correction and is setting the stage for an upward move. Elliot Wave theory 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 cycle of five waves in total, with the first, third and fifth waves representing ascension.
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