Ethereum (ETH) Price Is Likely To Stop Bouncing Now, Analyst Says
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Inside something Tweet two days ago Bluntz predicted that ETH is only 10% away from stabilization. The crypto trader is famous for accurately predicting Bitcoin’s 2018 bear market. The more popular “smart contractor” strategist explained that he had been closely following the ETH price charts since August.
“Ethereum is at the end of its current decline and will soon turn higher,” he assured his 211,000 followers. As the token corrects its course, investors can then prepare to take long positions, the tweet explained.
Related reading: XRP slows in past 7 days as Ripple vs. SEC case drags on
The smart contractor’s predictions have held true so far
Smart Contractor presented a chart based on the Elliot Wave theory as proof of its predictions. As one of the prominent theorists of this market analysis method, Bluntz has made some successful predictions in the past. In addition to his lauded 2018 Bitcoin prediction, the strategist’s recent predictions about Ethereum seem to hold for the time being. A smart trader predicted the September $1800 rally last month using the Wave crowd psychology method.
At the time of his prediction, the second largest crypto was at a low of $1,600. The analyst predicted that ETH would temporarily rise to the B wave before bottoming out in anticipation of another rally. He predicts that ETH will fall to $1,200 before rising back to $2,000.
More predictions from Smart Contractor
We are in the final innings of this $eth correction and are correcting the uptrend from July. We’ve been mapping this step by step since August, with only 10% to go before we start looking for long-term buys, Bluntz said.
Furthermore, the analyst’s chart shows that Ethereum is going through another drop that will eventually move into a Bull body. $1,300 marks a buy signal point if the chart structure looks appropriate, the pseudonymous strategist says.
In particular, Ethereum is not the only crypto Smart Contractor is following. Last week, he expressed bearish sentiments about Bitcoin, claiming that its price charts looked ugly at the time. Another famous analyst “Dave the Wave” had predicted that King Coin was preparing for a bull run according to his MACD chart. However, Bluntz claimed that Bitcoin was still waiting for several declines. He stated that he will not buy bitcoins unless it falls below $17,000.
Several factors contribute to the current volatility of the crypto market
Although Smart Contractor’s predictions have so far remained undisputed, there is still time before his predictions are proven or disproved. Several factors such as inflation, CPI release and Ethereum Merge continue to affect crypto volatility. Therefore, it is good for crypto traders and investors to be careful in their investment decisions.
Related Read: Bitcoin Loses $20,000 Grip, Extends Consolidation For Second Straight Day
At the time of writing, Ethereum is trading around $1,470, up more than 2.50% in the last 24 hours, according to TradingView data.
Featured image from Pixabay and chart from TradingView.com