Pseudonymous cryptocurrency analyst Smart Contracter said that Ethereum ETH/USD is close to completing its final leg before turning bullish.
He has predicted that Ethereum will fall to around $1,200 by October before rallying toward his target above $2,000.
According to the analyst, Ethereum is in the middle of a C-Wave Down, which he believes would set the stage for a new leg up.
Earlier in August, he predicted ETH would print a lower high, around $1,800 (B wave) this month.
"Looks like the larger ABC correcting the five-wave rise has begun on ETH. This looks like an A wave, for now, expecting a bounce that ends up being a lower high soon." he noted
"In my opinion, $1,300 is still the spot to look for buys, provided the structure seems right when we get there," he added.
This week, ETH officially transitioned to a proof-of-stake network. The blockchain completed The Merge to PoS.
The Merge took place at a block height of 15537393 when the required level of Total Terminal Difficulty was reached.
The Ethereum Foundation estimates that the shift will bring about a 99.95% reduction in energy consumption.
At the time of writing, Ethereum was trading at $1,425, close to 18% down in the last seven days.
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