A popular crypto strategist and trader has predicted strong gains for Ethereum (ETH), and he also pointed out that the explosive altcoin Solana (SOL) could continue to perform well.
In a tweet, Smart Contracter, a pseudonymous trader, tells his 176,000 followers that he’s keeping a close eye on Ethereum against Bitcoin (ETH/BTC). Following its breakout from an inverse head and shoulders pattern (IHS), he believes the trading pair remains bullish.
“ETH/BTC is still huge IHS breakout after a three-year base. It may have been somewhat boring the last few months but make no mistake about it, this is re-accumulation in a monster uptrend.”
An inverse head and shoulders pattern is a bullish technical pattern that marks the beginning of a new uptrend. According to Smart Contracter’s chart, ETH/BTC is currently consolidating within a bullish continuation pattern and can climb as high as 0.12 BTC, worth $7,287 at time of writing.
Next looking at the leading smart contract platform against the US dollar, the crypto strategist says ETH is now en route to $5,000 after it took out a diagonal resistance.
“I think today is the day we get a proper $ETH [all-time high] breakout.”
Next is lending and borrowing protocol Aave (AAVE), which the trader believes is ready to ignite an epic rally after printing a bullish higher low setup.
“Aave putting in a solid weekly higher low here. With blue chips like CRV already moving, I’m going to assume other blue chips have bottomed and are not far behind. [Decentralized finance season] is near and Aave is an old favorite of mine.”
The trader uses the Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants that tends to manifest in waves. According to Smart Contracter’s chart, AAVE can soar close to $900 before completing its five-wave cycle.
As for Ethereum competitor Solana, Smart Contracter predicts a strong rally for the red-hot altcoin after it breached two diagonal resistances on the 12-hour chart.
“Got SOL low key breaking downtrends of two different degrees. This bad boy runs hard when it gets going and it’s only just getting started here.”
In the short term, the crypto strategist predicts that Solana can revisit its all-time high of $218. In the long term, Smart Contracter says he sees Solana igniting a massive rally to $900 as he believes SOL is following in the footsteps of Binance Coin’s (BNB) epic surge earlier this year.
“Monthly reminder $900 SOL is not a joke. It’s gonna happen.”
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
