The crypto strategist who accurately predicted the bottom for Bitcoin (BTC) during the 2018 bear market warns Ethereum (ETH) holders.
Pseudonymous crypto analyst Smart Contracter tells his 210,300 Twitter followers that leading smart contract platform Ethereum appears to be heading for an attrition rally to around $2,000 before losing more than 36% of its value through the high.
“If ETH hits a new high here over the weekend, it will set itself up for a five-wave move on a daily basis and a potential top in the new week when the legacy markets open. “If” it confirms with a new high, there should be some good longer-term buying opportunities around $1,270 in the coming month.”
At the time of writing, Ethereum is trading at $1,682, down 3.07% on the day.
Fellow crypto analyst Pentoshi agrees with Smart Contracter’s take on ETH. Pentoshi tells his 592,300 Twitter followers that he believes Ethereum is likely to correct as it struggles to maintain its momentum around a major area of resistance.
“I like a good doji on the weekly. What often follows after it comes into resistance? You can make an argument that weakness is shown in resistance. You wouldn’t believe what comes next.”
While Smart Contracter and Pentoshi are bearish on ETH, popular crypto strategist Altcoin Sherpa says Ethereum has a good chance of keeping its bullish momentum alive if it manages to break the $1,700 resistance.
“Keep it simple. If Ethereum is accepted in this range, I think we could see a rise to the highs in the low $2,000. Everything keeps pumping when this happens, as ETH/USD leads the market in my opinion.”
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