The crypto strategist who correctly predicted Bitcoin’s (BTC) 2018 bear market bottom has announced his new predictions. The analyst predicts a strong year-end performance for the leading altcoin Ethereum (ETH). Here are the details…
Analyst expects hard days for altcoin Ethereum
The analyst, known in the industry as Smart Contracter, predicts Ethereum will increase by about 70 percent in Q4. However, he says he predicts tough times for ETH for the remainder of Q3. According to the analyst, we are in the “fifth wave uptrend correction” phase in Ethereum. Saying that this is an “A wave” for now, the analyst said that he expects a bounce that reaches a lower level soon. With lows seen, he thinks $1,300 is the place to look for buying.
Smart Contracter is a popular practitioner of Elliott Wave theory, an approach to technical analysis that attempts to predict future price action by following crowd psychology, which tends to manifest in waves. Looking at the analyst’s chart, it can be seen that Ethereum could drop to $1,300 by October before a strong rally to $2,200 before the end of the year.
cryptocoin.com As we have reported in our previous articles, Smart Contracter is known for knowing certain levels correctly. The analyst predicted that BTC would go to $3,200 in 2020. Also, the rally expectation towards the end of that year turned out to be true. He predicted $23,000 for BTC in 2021. On the other hand, he accurately predicted the $1,600 level for Ethereum and the drop in 2021.
Rekt has more positive prospects for Ethereum
While Smart Contracter is bearish on Ethereum in the short term, fellow crypto strategist Rekt tells his 327,200 Twitter followers that if Ethereum retraces the $1,800 level as support, it could regain its bullish momentum. The analyst pointed out that Ethereum dropped to approximately $1,550. However, ETH needs to close above the orange circle (chart below) and weekly upsides like mid-2021 to maintain its bullish trend. “Otherwise, this orange zone could turn into a new resistance,” Rekt adds.
Recent developments in the Ethereum ecosystem
Meanwhile, altcoin Ethereum recorded significant growth in terms of institutional adoption or individual investor spree. As it is known, behind this excitement is Merge. Firstly, while stakers/investors continued to stake for the said upgrade, ETH 2.0 continued to record all-time highs (ATH). Also, deposits increased from around eight million in mid-May 2022 to 13 million. As we reported, Teku, a client of Ethereum 2.0, has released version v22.8.1.
This is a required update including Bellatrix network upgrade and unified migration configuration. According to the release, all mainnet users need to upgrade by September 6. In addition, token circulation also played an important role for ETH. Also, Ethereum recorded the highest 30-day moving average of notable Github development activity.
