The crypto analyst who accurately predicted Bitcoin’s (BTC) 2018 bear market low says that Ethereum (ETH) has likely bottomed out.
The pseudonymous analyst Smart Contracter tells his 211,300 Twitter followers that he accumulated ETH during its recent dip below the $1,300 level.
“Bought some ETH. Low is in, in my opinion. Time to kick back, relax and wait.”
At time of writing, Ethereum is swapping hands for $1,364, up over 2% on the day.
Smart Contracter has been closely following the price action of ETH since the start of August when Ethereum was trading around $1,700. At the time, the crypto analyst outlined a path for ETH down to the $1,200 level. So far, the analyst’s script has played out accurately both in terms of time and price action.
“If ETH makes a new high here on the weekend it sets up for a five-wave move complete on daily and a potential top in the new week when legacy markets open.
‘If’ it confirms with a new high, some good longer-term buying opps should present around the $1,270 mark in the coming month.”
With Ethereum hitting his downside target, Smart Contract predicts that ETH now is gearing up for a rally above $2,000.
“Have been mapping this out step by step since August top.”
Fellow crypto strategist Credible is also bullish on Ethereum as he expects the leading smart contract platform to resume its rally.
“New local lows [for ETH]. Now that downside target has been met, don’t want to see much more than 5-10% more downside from current levels. Looking for a bounce and move back to the upside as long as BTC doesn’t completely sh*t the bed.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Digital Store
Credit: Source link