Analyst known for calling crypto bottoms predicts a breakout for Ethereum, says Solana, which is primed for new rallies
A popular crypto analyst known for calling Bitcoin (BTC) 2018 bottom believes Ethereum (ETH) is primed for a breakout.
The pseudonymous trader smart contracter shares a chart with his 221,700 Twitter followers suggesting that Ethereum could shoot past $1,900 in a short period of time.
“I believe there is a big chance that the weekly low is in ETH as it cycled through the ups and downs hourly and retreated after the weekly close with no upside wick and the structure looks like an ABC [wave].”
Source: Smart Contracter/Twitter
Smart Contracter is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology, which tends to manifest itself in waves. According to the theory, a bullish asset tends to resume its uptrend after undergoing an ABC corrective move.
Ethereum is trading at $1,736 at the time of writing. The second-ranked crypto asset by market cap is down 2.9% in the past 24 hours.
Smart Contracter also believes Bitcoin’s recent price rally could mean a few different things, although he thinks they’re all bullish on the top crypto asset.
“BTC gathering in all this chaos and having a weekly monster outbreak is telling us one of two things, but it’s too early to say which.
#1. It tells us that BTC is still an asset risk and is simply moving ahead of stocks as it always does, and stocks will catch up soon
#2. It tells us that it is finally decoupled from trade finance and is now a safe haven doing what it was originally intended to do.”
Bitcoin is trading at $27,812 at the time of writing and is down 0.19% in the last 24 hours.
Smart Contracter also believes that Ethereum competitor Solana (SOL) may rally against Bitcoin (SOL/BTC) after clearing its diagonal resistance on the hourly chart.
“Nice SOL/BTC breakout brewing on the back of a nice SOL/USD weekly close.”
Source: Smart Contracter/Twitter
SOL is worth $22.47 at the time of writing. The crypto asset, ranked 11th by market cap, is up 1.33% in the past 24 hours.
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