In September, Ethereum finally underwent its long-awaited Merge, changing its consensus algorithm from the dated proof-of-work (POW) paradigm to the more reliable proof-of-stake (PoS). The anticipated price increase, nevertheless, never happened. Following the upgrade, Ether has decreased by more than 7 percent. The price of Ethereum remains consolidated between two significant barriers and shows no signs of breaking out.
However, a well-known cryptocurrency trader who is credited with correctly predicting the bottom of the 2018 Bitcoin (BTC) bear market now predicts a significant Ethereum (ETH) price turnaround. ETH is currently offering a clear buying opportunity, according to cryptocurrency researcher Smart Contracter, since it consistently respects the 200-week moving average.
The expert said that ETH is currently aiming towards a level of $2,400, which is an increase of 80% from current pricing. Opportunities for long-term purchases have indeed arisen. For the past five weeks, ETH has been based around 200wma. When this weekly higher low resolves and starts moving up again, $2,400 is the next target in his opinion.
Are Altcoins ready for a breakout?
The general outlook for altcoins is positive according to Smart Contracter. According to him, the altcoin index on the cryptocurrency market FTX has printed a bullish hammer pattern, generating a sizable falling wedge, which is often a bullish pattern.
“Alts are looking GTG now imo, altcoin index on ftx had a huge hammer with a crazy ass wick from the 0.618 plus overall structure also looking like a falling wedge that’s begging to break up. I think nows the time to shoot your shots.”
Dogecoin (DOGE), the most popular meme coin, is poised to rise after “crazy” accumulation in its Bitcoin pair (DOGE/BTC), Smart Contracter predicted earlier this month.
“DOGE/BTC has the most insane looking high time frame accumulation going on. I haven’t seen something that looks like such a clean accumulation like this in a long time. I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”
