A closely tracked Crypto strategist and trader whose 2018 Bitcoin (BTC) bottom turned out to be true, now has his predictions for Ethereum’s year-end trading.
The analyst who anonymously called Smart Contractor took to Twitter with his analysis to inform his 210,600 that the world’s second largest cryptocurrency by market cap, Ethereum is set to rise 70% in Q4. However, his analysis claims that the third quarter has been a bumpy ride for Ethereum.
The analyst displays a chart and claims that Ethereum’s ABC correction for five-wave has started and calls this an A wave. He then forecasts ETH to bounce towards a lower high in the near future.
According to Smart Contractor, Ethereum price action is around $1,300 in a buy option zone.
The strategist is well known for his practice of Elliott Wave theory. This theory opts for a technical analysis method forecasting the future price movement of an asset taking into account crowd psychology.
When the analyst’s charts are taken into account, it is claimed that Ethereum could see a drop to around $1,300 by October, before the currency attempts to rally to $2,200 by 2022.
Ethereum Price To Reclaim $1,800?
Though Smart Contract expects a bearish trend before a bull run, another crypto analyst, Rekt is seen informing his 327,200 Twitter followers that there is a chance for Ethereum to reclaim its bull run if it manages to trade above $1,800.
Rekt Capital claims that if the major altcoin wants to see a bullish trend, the currency should attempt to trade above the orange mark and close the week above or within range. If ETH fails to do so, it predicts that the orange line will turn into a new resistance area.
