A popular crypto analyst known for calling the 2018 Bitcoin (BTC) bottom thinks Ethereum (ETH) is primed for a breakout.
Pseudonymous trader Smart Contracter shares a chart with his 221,700 Twitter followers that suggests Ethereum could shoot up past the $1,900 range in short order.
“I believe there’s a strong chance low of the week is in on ETH, as it ran the highs and lows on hourly and pulled back after weekly close with no upside wick, plus structure looks like an ABC [wave].”
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to resume its uptrend after going through an ABC corrective move.
Ethereum is trading at $1,736 at time of writing. The second-ranked crypto asset by market cap is down 2.9% in the past 24 hours.
Smart Contracter also thinks Bitcoin’s recent price rally could mean a couple of different things, though he thinks they’re all bullish for the top crypto asset.
“BTC rallying into all this mayhem and having a monster weekly breakout is telling us one of two things, but too early to tell which one yet.
#1. It’s telling us that BTC is still a risk on asset and is simply moving before equities, like it always does and equities play catch up soon
#2. It’s telling us that its finally decoupled from trad finance and is now a safe haven asset doing what it was originally intended to do.”
Bitcoin is trading at $27,812 at time of writing and is down 0.19% in the past 24 hours.
Smart Contracter also thinks Ethereum competitor Solana (SOL) could rally against Bitcoin (SOL/BTC) after taking out its diagonal resistance on the hourly chart.
“Nice SOL/BTC breakout brewing on the back of a beautiful SOL/USD weekly close.”
SOL is worth $22.47 at time of writing. The 11th-ranked crypto asset by market cap is up 1.33% in the past 24 hours.
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Source: https://dailyhodl.com/2023/03/21/analyst-known-for-calling-crypto-bottoms-predicts-breakout-for-ethereum-says-solana-primed-for-new-rallies/