Ethereum (ETH) Price Is Likely To Stop Bouncing Now, Analyst Says


in tweet A couple of days ago, Plantz predicted that ETH would be a mere 10% drop from stability. The crypto trader is known for his accurate prediction of the 2018 Bitcoin bear market. More famous as a “smart entrepreneur,” the strategist explained that he has been closely tracking ETH price charts since August.

“Ethereum is in the final stages of its current downtrend and will swing higher soon,” he assured his 211,000 followers. The tweet explained that once the token corrects its path, investors can prepare to take long-term positions.

Related reading: XRP is slowing down in the last 7 days like Ripple Vs. withdraw SEC status

Smart Contractor predictions are in effect so far

Smart Contracter provided a chart based on Elliot Wave Theory as evidence for his prediction. As one of the prominent theorists of this method of market analysis, Plantz succeeded in making some predictions in the past. Aside from the much-acclaimed Bitcoin predictions for 2018, it seems that strategists’ recent predictions about Ethereum have held up so far. The smart entrepreneur predicted a rise of $1,800 in September last month using the Wave group psychology method.

At the time of his diagnosis, the second largest cryptocurrency was trading as low as $1,600. The analyst expected ETH to rise temporarily in wave B before bottoming in anticipation of another rally. He expects ETH to fall to $1,200 before rallying back to $2,000.

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Ethereum price is currently trading above 1450%. | Source: ETHUSD price chart from TradingView.com

Other predictions by Smart Contracter

We are in the final rounds of the $eth correction, the upside correction from July. We’ve mapped this step-by-step since the August summit, and there’s only 10% or more left before we start looking for long-term buys, Blountz said.

Furthermore, the analyst chart indicates that Ethereum is going through another drop that will eventually move to an uptrend. $1,300 will mark a buy signal point if the chart structure looks appropriate, says the pseudonymous strategist.

Notably, Ethereum isn’t the only smart contractor it’s tracking. Last week, he expressed bearish sentiments on Bitcoin, claiming that its price charts looked ugly at the time. Another popular analyst “Dave the Wave” predicted that King Coin was preparing for a bullish run according to his MACD chart. However, Blantz insisted that Bitcoin still expects further declines. He announced that he would not buy any bitcoin unless it fell below $17,000.

Several factors contribute to the current volatility in the cryptocurrency market

Although the Smart Contracter’s predictions have remained uncontested so far, there is still time before his predictions are proven or lowered. Several factors, including inflation, CPI release, and Ethereum consolidation continue to contribute to the cryptocurrency’s volatility. Hence, cryptocurrency traders and investors would do well to be careful in their investment decisions.

Related reading: Bitcoin loses hold of $20,000, consolidation extends for second day in a row

At the time of writing, Ethereum was trading around $1,470, up over 2.50% in the last 24 hours, according to TradingView data.

Featured image from Pixabay and chart from TradingView.com





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