An analyst who correctly predicted when Bitcoin’s bear market in 2018 will end, shared his new predictions in his post, and Ethereum He stated that the expectations for the rally are high.
Smart Contracter The analyst, known by the pseudonym, shared on his Twitter account that Ethereum may increase by 70% only in the fourth quarter, but the third quarter performance may not be very good. Using the five-wave theory, the analyst stated that a correction phase is still ongoing, and that the fifth wave is on the way. For the analyst, the $1300 level is still a good level to invest in.
Smart Contracter is also an analyst known for following the “psychology of the masses,” which tends to manifest in waves. The “Elliott Wave” theory, which follows the psychology of the masses, generally explains the price movement with psychological foundations.
Looking at the analyst’s chart, it looks like Ethereum could drop to $1,300 by October before starting a strong rally towards $2,200 before the end of the year.
Smart Contracter is another crypto strategist, though short-term bearish on Ethereum rectshared on his Twitter account that Ethereum could regain its bullish momentum if it retraces the $1,800 level as support.
“Ethereum averaged $1,550. But if it wants to maintain its uptrend, it needs to close above the orange area and weekly up/inside as it did in mid-2021 (yellow circle). Otherwise, this orange zone may turn into a new resistance.”
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.