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