A popular crypto analyst known for rating the 2018 Bitcoin (BTC) bottom predicts a massive rally for Ethereum (ETH).
The pseudonymous analyst Smart Contracter says Its 221,400 Twitter followers that Ethereum appears to be at the end of a correction and ready to rise.
“ETH/BTC just hit a 6 month low, just 3% lower before my main buy zone.
Not in the circumstances where I expected this to happen (I thought ETH and BTC would drop, but ETH more), but there’s no chance I’m missing the ETH monster rally ahead.”
Looking at his chart, the analyst shows ETH/BTC in a downward correction and about to touch the crucial 0.618 Fibonacci retracement support, which traders see as a likely point for a bounce.
Smart Contracter’s optimism about ETH comes as crypto analytics platform Santiment says the sharks have amassed 3.61 million ETH coins in the past year, worth $6.13 billion.
However, the whales landed more than twice that amount.
“Large Ethereum addresses have substantially changed their supply. Addresses holding between 10 and 10,000 ETH collectively added 3.61 million coins last year. Meanwhile, addresses with 10,000-10,000,000 ETH have collectively returned 9.43 million in the same time period.”
The cryptanalyst also says Optimism (OP) also looks bullish.
“The uptrend expanded flat on a daily basis for OP against the USD, BTC and ETH pairs. It looks like one of the alternatives that will work very well in my opinion.”
Using Elliott Wave Theory, an advanced technical analysis method that forecasts future price action based on crowd psychology manifesting in waves, Smart Contracter says that optimism lies at the bottom of a correction and setting the stage to move higher.
Ethereum is worth $1,819 and Optimism is trading at $2.57 at the time of writing.
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