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

You can find out more at tweet Bluntz forecasted that ETH would stabilize in just 10% of the time two days prior. The Crypto trader is famous for accurately predicting Bitcoin’s 2018 bear market. More popular as the “smart contracter,” the strategist explained that he had been closely tracking ETH price charts since August. 

“Ethereum is in the final stages of its current bearish run and will swing upward soon,” he assured his 211,000 followers. The tweet stated that investors will be able to buy long-term investments once the token has corrected its course.

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Smart Contracter’s Predictions Have Held Thus Far 

Smart Contracter showed a chart using the Elliot Wave theory to support his predictions. Bluntz, a well-known market analyst has been able to make some successful predictions. Apart from his much-lauded 2018 Bitcoin forecast, the strategist’s recent predictions on Ethereum seem to be holding so far. Smart contracter predicted September’s $1800 rise last month using the Wave crowd psychology method. 

His prognosis came at a time when the second most important crypto traded at a $1600 high. Analyst predicted that ETH will rise briefly in a “B wave” before peaking back in anticipation for another rally. According to him, ETH should drop to $1,200 and then climb back to $2,000.Source: ETHUSD price chart at TradingView.com

ETHUSD_
Ethereum’s price is currently trading above %1,450. | Source: ETHUSD price chart from TradingView.com

Additional Predictions by Smart Contractor

We’re in the final innings of this $eth correction, correcting the rise from July. Bluntz shared that since August, we’ve been mapping it out step by step. There are still 10% of the steps to complete before we start looking at long-term purchases.

Furthermore, the Analyst’s chart indicates that Ethereum is going through another drop that will eventually transition into a Bull run. $1,300 will mark the buy signal point if the chart’s structure looks appropriate, says the pseudonymous strategist. 

Ethereum isn’t the only one that Smart Contracters are tracking. He voiced bearish sentiments about Bitcoin’s price charts last week. Another famous analyst ‘Dave the Wave’ had predicted that the king Coin was gearing up for a bull run according to his MACD chart. Bluntz insists that Bitcoin is still expected to take several more falls. Bluntz stated that Bitcoin would be his only purchase if it fell below $17,000

Several Factors Contribute to The Crypto Market’s Current Volatility

Although Smart Contracter’s predictions have remained unrefuted so far, there is still time before his predictions get proven or discounted. Several factors, including inflation, the CPI release, and Ethereum Merge, continue contributing to crypto’s volatility. Investors and crypto traders should be cautious when making investments.

Similar Reading: Bitcoin loses $20,000 grip, extends consolidation for 2nd straight day

According to TradingView data, Ethereum trades at $1,470 as of the writing. This is an increase of over 2.50% within the past 24 hours.

Featured image by Pixabay, chart from TradingView.com

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