Is Ethereum About To Stage A Trend Reversal?
Ethereum is a struggling cryptocurrency. Plagued by a clogged network and low prices, itâs rare to find experts with a super bullish feeling towards Ethereum. Fundstradt superstar Thomas Lee however is one expert that believes Ethereum, despite itâs fall, is now on the brink of a major bull run, one that promises to send Ethereum back to the moon,
At the time of writing, Ethereum is valued at $229.99 and is up 7.18% from yesterday. This sudden climb is as a result of a positive market climate that is pulling the markets upwards. Whilst it looks positive now, we donât expect this climb to continue through the weekend, correction is sure to come into play before long.
Lee believes that a recent Ethereum sell off has pushed Ethereum down to its current low price. As a result of this, Ethereum is now set to attract an awful lot of investment from investors who are willing to buy in at this low price. With Ethereum losing half of its value in just three months, many could argue that now presents the perfect buying opportunity. Now remember, if you do wish to purchase Ethereum, do your own prior research before investing. Itâs a volatile business, one is at best, entirely unpredictable. Only invest what you can afford to lose.
According to CoinGape, Lee has said:
âEthereum is about to stage a trend reversal and rally strongly, sentiment is currently overly negative.â
âLee also noted that Historically, when Ether has underperformed peers by two standard deviations, it has reversed those losses. He expects the token to reach $1,900 by the end of the year. Lee has been fairly bullish about cryptocurrencies despite the huge sell-off the coins and tokens have seen since the start of 2018. Apart from Ethereum, Lee has a $25,000 price target on Bitcoin, which is currently worth about a quarter of that.â
Is Lee right?
We canât know is Ethereum will peak at $1,900.00. We do know that at present, Ethereum is sat at a very low price, meaning Lee is probably right about Ethereum attracting new investment. Overall though, we canât tell if this will have a major impact on itâs value. Indeed, Ethereum could fly off the back of a mass buy in. $1,9000.00 is an especially optimistic prediction and would require a huge amount of investor interest.
I suppose as the saying goes though, never say never?