Fundstrat's Tom Lee Predicts Strong Ethereum Rally

  • Alex Dovbnya
    📰 News

    ETH might have been in the red for nearly 2 months straight, but Wall Street titan Tom Lee isn’t writing off the possibility that the second largest crypto will experienc


Fundstrat's Tom Lee Predicts Strong Ethereum Rally

Ethereum (ETH) might have been in the red for nearly two months straight, but Wall Street titan Tom Lee isn’t writing off the possibility that the second largest cryptocurrency will experience tremendous growth, according to CNBC. In fact, the recent bloodbath, according to Lee, is an indicator that Ethereum is gearing up for “major trend reversal”. The numbers are here – Ethereum would experience a huge rally four out of four times it appeared in a similar predicament, so there is every reason to believe that the coin will follow the same pattern.  

The Bitcoin permabull explains that the market sentiment is “overly negative on Ether” with ETH  underperforming other currencies by two standard deviations. He is certain that Ethereum, which is currently sitting at $218.88, will be able to reach $1,900 by the end of 2018. However, as U.Today reported earlier, he believes that the upcoming Ethereum CBOE futures will have a negative effect on the coin’s price.

Cover image via u.today
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

👓 Recommended articles