By Solomon Odunayo
A cryptocurrency analyst and trader, Smart Contracter, who became popular in the industry for accurately predicting Bitcoin (BTC) bear market and bottom, has recently stated that Ethereum (ETH), the second-largest cryptocurrency by market cap, is poised to print a new all-time high in February.
The trader, in a new video, told his teeming followers that Ethereum (ETH) is on the verge of breaking out after about two years of base building.
The analyst uses Elliott Wave principles, a technical analytical method that attempts to predict price action by identifying crowed psychology that manifests in waves.
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According to Smart Contracter’s analysis, ETH is in the midst of wave three, the longest and the most bullish of the five waves.
He noted:
“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.”
“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.”
ETH/BTC Pair Is Currently Bullish
The trader also shared his take on the ETH/BTC pair. He said Ethereum against Bitcoin is starting to showcase bullishness:
“Nice high timeframe [inverse head and shoulders] forming on ETH/BTC. Volume picking up in the right shoulder which is good. Yes, everyone can see this, but trading really doesn’t have to be hard. Have a pretty fat ETH stack.”
Ethereum (ETH) in the Market
Ethereum (ETH) displayed a significant performance that aided its price to break above $1,000 and headed for $1,200, but the huge run ended in an unexpected crash.
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Bitcoin (BTC) also lost about $5,500 within the same range of time. The sudden crash experienced by Ethereum has been attributed to the usual Bitcoin effect. However, the cryptocurrency has reclaimed the $1,000 support. At the time of writing, ETH is trading at $1,007.55, with about a 21% price upsurge in the last 24 hours.
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