A pseudonymous crypto analyst popularly known on Twitter as Smart Contracter, who accurately predicted the current Bitcoin (BTC) and Ethereum (ETH) price pullback, is updating his thought on the future trend of the second-largest cryptocurrency by market capitalization.
In a new strategic session first reported by Daily Hodl, Smart Contracter stated that ETH, the native token of the largest smart contracts platform, now looks to have bottomed.
Smart Contracter noted:
“I do think we’ve just hit a major correction low and we’re probably already bottomed here and I do think we’ll probably get an all-time high.”
Referencing the price action of Ethereum (ETH) when it bounced in July, the analyst noted that the digital asset seemed to have completed a five-wave bullish pattern from the Elliot Waves theory.
Going by Elliot Waves theory, an asset experiences a notable pullback (ABC wave) after completing a five-wave cycle in an upside trend.
After topping out around $4,000 and completing the five-wave impulse, the analyst accurately predicted that Ethereum will retrace to relatively $2,700.
Considering his recent update and since it has completed its correction after the five-wave impulse, Ethereum (ETH) is expected to attain new all-time highs anytime soon.
“I am expecting a new sort of impulsive move similar to this five-wave rise to new all-time highs from here…” Smart Contracter added.
The analyst stated further that the trend of Bitcoin (BTC), the largest cryptocurrency by market cap, is looking very similar to Ethereum’s and will likely surge further after one more ABC wave correction:
“I dare say, similar with Ethereum, we’re probably gonna go a little bit higher and then we’ll have a nice little ABC [correction]…
And then I do think from there, if this is an ABC complete, exactly the same deal again, I dare say we’re gonna be starting a new impulse to all-time highs.”