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The crypto strategist who nailed Bitcoin (BTC) The bottom of the 2018 bear market, according to Ethereum (ETH) is probably in the final phase of its downtrend.

Pseudonymous Crypto Strategist Smart Contracter recount its 210,900 Twitter followers that Ethereum is about to complete its final leg before turning bullish.

Smart Contractor predicts that Ethereum will fall to around $1,200 by next month before rallying to its target above $2,000.

“We are in the final innings of this ETH correction, correcting the July rally.

We’ve charted this step by step from the August high with just 10% or more left before we start looking for long-term buys.

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Source: Smart Entrepreneur/Twitter

Smart Contracter is known in the industry as one of the best practitioners of the Elliott Wave Theory, a technical analyst approach that attempts to predict future price action by following the psychology of crowds that tends to manifest through waves.

According to the analyst’s chart, Ethereum is in the midst of a descending C wave, which he believes will pave the way for a new leg.

Last month, when Ethereum traded around $1,600, Smart Contractor predicted that ETH would print a lower high around $1,800 (wave B) this month before setting a local low for the next rally.

So far, Ethereum seems to be following the analyst’s script.

“Looks like the biggest five-wave upward-correcting ABC has started on ETH. It looks like wave A at the moment, waiting for a bounce that will end up being a lower high soon.

$1,300 is still where to look for purchases in my opinion, as long as the structure looks good when we get there.

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Source: Smart entrepreneur/Twitter

Ethereum is trading at $1,444 at the time of writing, down more than 2% on the day.

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