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Fundstrat's Tom Lee Predicts Strong Ethereum Rally

  • 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

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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.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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