Bitcoin bull Thomas Lee has switched his attention to the second most popular cyber-coin ether. Lee, who is the head of research at Fundstrat Global Advisors, has recently claimed this currency is to get stronger.
As it is known, ether has gone through tough times in 2018, so Lee’s statement may inspire hope to many crypto-enthusiasts.
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Lee Says Ether Will Rally
This year, ether experienced a huge sell-off whilst investors backed down from the digital-asset niche. Ether lost around 50% of its value within the past quarter. But Fundstrat’s Lee says it is time for a bound after ether was outpaced by large-cap currencies by two standard deviations.
As Bloomberg quotes, Tom Lee stated in a note to customers this week:
“Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative.”
Why Rebound Now?
As Lee explained, the situation whereby ether grew after underperforming its ilks by two standard deviations had already taken place. Therefore, Lee expects ETH to surge as high as to $1,900 before 2019. As of writing, ether is being traded at $222 per unit, which is $600 lesser than it was this May.
Lee’s prediction is no surprise as he had similar «mind-blowing» forecasts for bitcoin. In particular, he set a $25,000-goal for bitcoin by the end of the year. Initially (after bitcoin surged to $20,000 in last year December), Lee even supposed it might reach the margin of $50,000, but anyway currently bitcoin’s price is around $6,645.
Ether’s Background
ETH was first set off in 2015. Now it is the second most valuable and second most known cyber-coin. Ether is distinguished from Ethereum, a blockchain platform which underpins the coin.
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