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.
According to Smart Contracter’s analysis, ETH is in the midst of wave three, the longest and the most bullish of the five waves.
“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.
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.