A popular crypto analyst known for calling the 2018 Bitcoin (BTC) bottom is predicting a massive rally for Ethereum (ETH).
The pseudonymous analyst Smart Contracter tells his 221,400 Twitter followers that Ethereum appears to be at the end of a correction and ready to surge.
“ETH/BTC just took out a six-month low, only 3% lower before my major buy zone.
Not the circumstances I was expecting this to happen under (I thought ETH and BTC would be falling but ETH more so) but there’s no chance I’m missing the monster ETH rally that’s coming.”
Looking at his chart, the analyst shows ETH/BTC in a downward correction and about to tap the crucial 0.618 Fibonacci retracement support, which traders see as a likely point for a bounce.
Smart Contracter’s bullishness on ETH comes as crypto analytics platform Santiment says sharks have accumulated 3.61 million ETH coins in the past year, worth a whopping $6.13 billion.
However, whales unloaded more than double that amount.
“Ethereum’s large addresses have shifted their supply held substantially. Addresses holding 10-10,000 ETH have collectively added 3.61 million coins in the past year. Meanwhile, addresses with 10,000-10,000,000 ETH have collectively dumped 9.43 million in the same timeframe.”
The crypto analyst also says Optimism (OP) is also looking bullish.
“Bullish expanded flat on daily for OP against USD, BTC and ETH pairs. Looks like one of the alts that will perform very well in my opinion.”
Using the Elliott Wave theory, an advanced technical analysis method that forecasts future price action based on crowd psychology manifesting in waves, Smart Contracter says Optimism is at the bottom of a correction and setting the stage to move to the upside.
Ethereum is worth $1,819 and Optimism trading at $2.57 at time of writing.
Generated Image: Midjourney
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