While the majority seem to have been caught off guard, one trader called the crypto market’s then-emerging uptrend: Tyler “Sawcruhteez” Coates. Just a day after New Year’s Day, the prominent trader claimed that Bitcoin was starting to show signs it was forming a textbook Wyckoff Accumulation and Spring pattern. The pattern, Sawcruhteez suggested, implied BTC was going to hit $9,200 in the middle of January.
And that it did. By January 17th and 18th, the leading cryptocurrency had passed above the key psychological and technical resistance of $9,000, leading Ethereum and the rest of the altcoins higher.
Now, he thinks ETH is preparing to explode higher.
Top Analyst: Ethereum Could Soon Surmount $300
Sawcruhteez recently noted that the second-largest cryptocurrency, ETH, is showing clear signs that it has recently bottomed and is preparing to reverse higher to new local highs from here: the price recently bounced off a two-month-long uptrend that has supported the steep rally, while crossing above key exponential moving averages.
This, he claims, gives the cryptocurrency the potential to rally 50% to 2019’s high of $360 in the coming months.
$ETH at $232…don’t mind if I do 
pic.twitter.com/Xyck92SjCQ
— Tyler D. Coates (@Sawcruhteez) March 5, 2020
Not Entirely Unfounded
Sawcruhteez’s optimism about Ethereum isn’t entirely unfounded; there are others that are suggesting that per their analysis, the top cryptocurrency is preparing to surge higher, or at least will soon put in a strong bottom.
Su Zhu, the CEO at forex- and crypto-focused hedge fund Three Arrows Capital, recently noted that the trading pair of the DAI stablecoin and Coinbase’s USDC may be a sign that Ethereum (and likely the rest of the market, Bitcoin included) has bottomed:
“DAI/USDC at the highs of the year now, a good barometer of risk aversion. May signal now is a decent re-entry level on the $ETH/DAI and ETH/USD pairs,” he explained.
He further went on to explain his reasoning, noting that DAI trades above its USDC peg when there are large ETH/DAI liquidations.
“DAI trades above peg whenever there’s large liquidations on ETH/DAI, demand for DAI. It will result in the SF going lower on MKR and represents a flushout of leveraged longs,” he noted.
Also, more recently, data from industry firms have shown that large Ethereum holders have started to stash up on the cryptocurrency once again, a sign of long-term confidence.
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