Ethereum Price Analysis
Analysts, who previously predicted Bitcoin to enter a bear market in 2018, have pointed out that Ethereum is set to rise and is in the final phase of its downtrend.
Smart Contracter Analystpost twitterWith over 210,900 followers, Ethereum is entering the final phase of its downtrend and the next ETH price will go up.
He predicted that the price of ETH would fall to the $1,200 level and then hit the $2,000 level.
“We are in the last phase of ETH price correction. After the July surge, I have tried putting the highs and lows since ETH’s rally in August. Just about 10% more before we might be prepared to wait for the spoon in the long run.”
Smart Contracter is an analyst who uses a tool called Elliott Wave to analyze ETH prices. Elliott Wave is a theory used to analyze price by applying the psychology of people to analyze the price direction.
According to analysts, ETH prices are already in the middle of Wave C upside down, who believe that after this, ETH prices are likely to prepare for a rally.
Attractive buying points according to analyst opinions
Last month, the price of ETH was around $1,600, with the Smart Contracter predicting that the price of ETH is likely to drop to the 1,800 mark (point B) within the month and to continue its decline before it prepares for a rally.
“Right now it looks like the ETH price will correct with the ABC point as shown in the picture and will start to rise again later. We are now at point A, before ETH hit the lower high of $1,300, which was a huge buy for me.”
After Ethereum’s The Merge upgrade went smoothly, Ethereum’s blockchain now supports Proof of Stake (PoS), but the ETH price appears to be stagnant. It has been moving about -1.9% in the last 24 hours.
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