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Bitcoin (BTC) pinpointed 2018 trough, crypto strategist tells Ethereum (ETH) holders that major smart contract platform is poised for major revision .
A pseudonymous analyst, Smart Contracter, tells his 213,900 Twitter followers that Ethereum has completed five waves of gains in the lower timeframe and is now poised for at least a 15% retracement from recent highs. He says he is.
“From the peak to the trough here, I think it’s about 15% to 20% recession.”
Smart contracts are popular practitioners of the Elliott Wave theory. Elliott Wave Theory is an advanced technical analysis approach that follows crowd psychology, which tends to appear in waves. According to theory, assets are usually fixed after 5 waves of rallies.
Analyst charts show Ethereum breaking below $1,400 before bouncing towards its target of $1,900.
At the time of writing, Ethereum is trading at $1,470, down 3.35% for the day.
Crypto strategists are also eyeing FTX’s Altcoin Index Perpetual Futures chart, which tracks the price of a basket of large non-Bitcoin crypto assets. The index has also completed five waves of gains and is now gearing up for a correction, according to Smart Contracter, suggesting large-cap altcoins are likely headed for lower levels. I’m here.
“From that falling wedge alt-purp was up 37% and now it’s up 5 every day. So expect a decent pullback from here. I’m still there waiting for a decent pullback. If I had, I would have left here.”
Crypto strategists are also turning their radars on Ethereum rival Solana (SOL).
And this is why I waited for the weekly results. All within 24 hours, SOL/BTC Weekly went from amazing to absolute garbage.
Wow. “
At the time of writing, SOL is valued at $27.19, down over 16% on the day.
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