June 5, 2023

The crypto strategist who accurately predicted a Bitcoin (BTC) bottom during the 2018 bear market is issuing a warning to Ethereum (ETH) holders.

The pseudonymous cryptocurrency analyst Smart Contracter told his 210,300 Twitter followers that Ethereum, the leading smart contract platform, appears to be struggling to bounce back to around $2,000 before dropping more than 36 percent from its highs.

“If ETH makes a new high over the weekend, it will complete five waves per day and reach a potential peak in the new week when traditional markets are open. ‘If’ a new high is confirmed, then the next month should see some good long-term around $1,270 Buying opportunity.”

resource: Smart Contractor/Twitter

At the time of writing, Ethereum is trading at $1,682, down 3.07% on the day.

Crypto analyst Pentoshi agrees with Smart Contracter on ETH. Pentoshi told his 592,300 Twitter followers that he believes Ethereum could correct as it struggles to maintain its momentum near a major resistance area.

“I like to have a good doji every week. What usually happens after resistance? You can make an argument that shows weakness in resistance. You don’t believe what’s going to happen next.”

resource: Pentosh/Twitter

While Smart Contracter and Pentoshi are bearish on ETH, popular cryptocurrency strategist Altcoin Sherpa said that if Ethereum manages to break the $1,700 resistance level, it has a good chance of maintaining its bullish momentum.

“Keeping things simple. If Ethereum gains acceptance in this range, then I think we could see a price rise to the high $2,000s. In my opinion, if that happens, everything will continue to rise because ETH /USD leads the market.”

resource: Altcoin Sherpa/Twitter

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