Tom Lee Sees Capitulation in Ethereum (ETH), Strong Rally to Follow

Bloomberg / YouTube
Voyager
Voyager

In what is now seemingly a weekly occurrence, Tom Lee, the co-founder of market strategy firm Fundstrat Global and serial CNBC guest, has made another crypto price prediction, this time in regards to Ethereum (ETH).

In a note to clients Thursday, Lee emphasized his belief that sentiment towards ETH is overly negative, as the cryptocurrency has underperformed other major coins by two standard deviations. He asserts that capitulation has now occurred with ETH, indicating that the price is ready to pop.

Lee pointed to¬†a heavy supply being sold from EOS after its $4 billion ICO,¬†questions about its blockchain technology’s road-map and “panic selling” by ICO teams as the primary reasons for ETH’s massive price decline in 2018.

While it is always important to evaluate expert opinions, as fundamental events can quickly shift in the crypto market, ETH is showing some key signs of recovery. Since bottoming out at around $170 on September 12, ETH has been in an uptrend, forming higher lows through the last 2 weeks and currently trading at $230.34.

CoinCodex

ETH currently has a $23 billion market cap, making it the second largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More:¬†Beaten-down cryptocurrency ether is about to ‘rally strongly,’ says Wall Street’s Tom Lee
Interesting:¬†Should We Hold ‚ÄėExperts‚Äô Accountable for Failed Crypto Predictions?

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts