A popular analyst who correctly predicted two sharp declines in Bitcoin (BTC) is issuing a potential bearish warning on Ethereum.

Known in the industry as Dave the Wave speak with its 69,200 Twitter followers that the current price action suggests that Ethereum (ETH) is likely to continue its correction towards the $ 1,000 region.

“ETH / USD. The medium-term chart is unchanged.

ETH / USD daily chart | Source: Dave the Wave

The analyst’s chart predicts Ethereum will drop to $ 1,350 in early September and then to $ 1,000 next month. ETH is trading at $ 1,922 at press time and is down 22% in the last 30 days, according to CoinGecko.

However, the analyst said he remains optimistic about Ethereum’s long-term future.

Dave the Wave correctly predicted Bitcoin’s decline from $ 11,400 to $ 6,400 in 2019. He also warned traders of the Bitcoin crash ahead of the late May crash, saying that BTC’s current bearish momentum is mimicking 2018.

“It’s not for the faint of heart and probably won’t attract a lot of fans.

The momentum is roughly the same as in 2018. Short-term recovery in two phases of decline at the end. “

BTC / USD weekly chart | Source: Dave the Wave

Analysts have share a graph shows that Bitcoin price could rise again after falling to $ 20,000. Bitcoin is trading at $ 31,773 at press time and is down nearly 19% in the past 30 days, according to CoinGecko.

“Few people see the momentum drop. The question is whether it will result in a sharp drop. The good news is that this time the price may not penetrate deep into the buy zone (Fib 0.5-0.618), but will rise instead. “

BTC / USD Monthly Chart | Source: Dave the Wave

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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According to Dailyhodl

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