Crypto Analyst Who Nailed 2018 Bitcoin Bottom Predicts Ethereum Pullback – Here’s His Downside Target
The crypto strategist who accurately predicted the bottom for Bitcoin (BTC) during the 2018 bear market is issuing a warning to Ethereum (ETH) holders.
Pseudonymous cryptoanalyst Smart Contractor tells his 210,300 Twitter followers that leading smart contract platform Ethereum looks set for an exhaustion rally to around $2,000 before losing over 36% of its value from its high.
“If ETH makes a new high here this weekend, it sets up a five-wave move each day and a potential top in the new week when older markets open. “If” it confirms with a new high, there should be some good long-term buying opportunities present about $1,270 in the coming month.”
At the time of writing, Ethereum is trading hands at $1,682, down 3.07% on the day.
Med cryptoanalyst Pentoshi agrees with Smart Contractor’s views on ETH. Pentoshi tells his 592,300 Twitter followers that he believes Ethereum is likely to correct as it struggles to maintain momentum around a major resistance area.
“I love a good weekly doji. What often follows after it hits resistance? You could argue that weakness is shown by resistance. You wouldn’t believe what comes next.”
While Smart Contractor and Pentoshi are bearish on ETH, popular crypto strategist Altcoin Sherpa says Ethereum has a good chance to keep the bullish momentum alive if it manages to break the $1,700 resistance.
“Keep it simple. If Ethereum gains acceptance in this area, then I think we could see a move up to the highs in the low $2000s. Everything will continue to pump if this happens because ETH/USD is leading the market, in my opinion.”
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