These are the days for Bitcoin and Ethereum without a doubt. While Bitcoin suffered a pretty significant, but healthy correction, Ethereum is racing towards new ATH, according to some analysts.
At the moment of writing this article, ETH is trading in the green, and the coin is up by more than 5%. It’s priced at $1,030.
ETH races towards new ATHs
It’s been revealed that an important crypto strategist who built his reputation in the industry by pinpointing accurately the Bitcoin bear marker bottom, now is saying that ETH is about to see new ATH. When will this happen? Well, according to him, this will be happening the next month.
In a new video, Smart Contracter said that Ethereum is breaking out after nearly two years of base building.
“Obviously, we’ve had a massive, massive accumulation period on ETH. It range [traded] from December 2018, came all the way up to July last year. We sort of broke out. Had a nice retest and now we’re just rocketing up,” he said.
More than that, it’s important to note that he is using Elliott Wave principles, which is a technical analysis method that “attempts to forecast future price action by identifying crowd psychology that manifests in waves,” as the Daily Hodl notes.
He also made sure to highlight the fact that Ethereum is in the midst of a wave three, the longest and the most bullish out of the five waves.
“This looks like a wave three. I just have a feeling this thing’s going to rocket up… Just the way ETH/BTC is shaping up and looking at the high time frames on ETH, yeah I really do think that ETH is just going to moon to all-time highs from here… Looks like altseason’s begun.”
In other recent news, Santiment said that the number of addresses holding more than 10,000 ETH has increased over the last two months while addresses that own 10,000 ETH or less have decreased over the same stretch.