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.
Denys Serhiichuk
Gamza Khanzadaev