This Crypto Analyst Says Ethereum Pullback Is About To End, Here's Why

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. 

Also Read: Here's Why This Analyst Says 'Ugly' Ethereum Price Action Should Be Ignored

"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.