A well-known crypto analyst who correctly predicted the 2018 Bitcoin (BTC) bottom is forecasting a big surge for Ethereum (ETH).
Smart Contracter, a pseudonymous expert, tells his 221,400 Twitter followers that Ethereum appears to be nearing the end of a downturn and poised to skyrocket.
"ETH/BTC just hit a six-month low, only 3% lower before my main buy zone.
Not the circumstances I expected (I expected ETH and BTC to decline, but ETH more so), but there's no way I'll miss the monster ETH rally that's coming."
According to his chart, ETH/BTC is in a downward correction and is going to test the critical 0.618 Fibonacci retracement support, which traders view as a potential spot for a bounce.
Smart Contracter's ETH bullishness comes as crypto analytics firm Santiment reports that sharks have acquired 3.61 million ETH coins worth a stunning $6.13 billion in the last year.
Whales, on the other hand, emptied more than double that quantity.
"Ethereum's huge addresses have significantly altered their supply held. Addresses with 10-10,000 ETH have added 3.61 million coins in the last year. Meanwhile, addresses having 10,000 to 10,000,000 ETH dropped 9.43 million in the same span."
According to the crypto researcher, Optimism (OP) is also looking bullish.
"On a daily basis, bullish grew flat for OP vs USD, BTC, and ETH pairs. In my opinion, this is one of the alts that will do quite well."
According to Smart Contracter, using Elliott Wave theory, an advanced technical analysis tool that projects future price action based on crowd psychology manifesting in waves, Optimism is at the bottom of a correction and setting the stage for a rise to the upside.