The entire cryptocurrency heat map is red, indicating a downward trend in the market. BTC is currently trading at $42.2, while ETH has taken a significant drop and is now trading below $3,000. Despite the bearishness of the cryptocurrency market, a few currencies have remained positive.
Amidst this market movement, popular analyst smart contracter is updating his market view and predicting price actions for Bitcoin, Ethereum and Solana for the days ahead.
Ethereum appears to have reached a bottom, according to a fresh market update from Smart Contracter. He believes that the market has reached a big correction low, that ETH has probably already bottomed, and it will likely reach an all-time high.
He points to Ethereum’s price behaviour since the July rebound, adding that the crypto asset appeared to have completed a five-wave bullish Elliott Waves pattern.
Contracter correctly forecasted Ethereum’s retracement to about $2,700 after it topped out just under $4,000 and completed the five-wave impulse. ETH has steadily rebounded after the pullback.
Now that the five-wave impulse has completed its correction, the trader expects fresh all-time highs
Ethereum and would most certainly rise further following another ABC wave correction. Bitcoin is now trading at $44,800 at the time of writing.
“I dare predict, similar to Ethereum, we’ll most likely go a little higher and then have a lovely little ABC [correction]…
He further says, if this is an ABC complete, precisely the same deal as before, I dare say we’ll be on the verge of a new surge to all-time highs.
Smart Contracter is also positive on Solana (SOL), a smart contract platform, predicting that it would have one of the strongest rebounds in the altcoin market.
He says, When BTC and ETH bottom, SOL will rebound the hardest and reach an all-time high the quickest, beginning to stack at these levels.”
I’ll average it down if necessary; there’s no actionable setup here, just another knife catch hunch he adds.