Crypto-optimist Tom Lee, co-founder of Fundstrat, this time spoke not about bitcoin, but about the etherium. In a recent letter sent to the firm's customers, Lee said that the mood in the market and the statements about Ethereum are too negative, since the coin is not showing itself well.
Since the January highs, the broadcast has fallen by more than 70%, with most of the decline in 50% occurred in the last 3 months. Tom Lee suggested that there was a capitulation with ETN, and then a price jump should occur. This has happened several times before.
"We believe that Ethereum is going to turn the trend and start a serious race."
Investors are less likely to believe in the airwaves – there is still no mass adoption, but now it is possible to trade futures for a downgrade. In addition, Lee pointed to a serious sell-off after an ICO EOS of $ 4 billion. The analyst put forward a version that the "panic sale" by the ICO teams and caused an impressive decline in the price of the air in 2018.
At the moment, ETH shows signs of recovery. On September 12, the coin reached a minimum of $ 170, and has since remained in a positive trend, forming rising minima in the last 2 weeks. Now the air is traded at $ 230.34.
If you believe the famous "Wall Street market cycle", then capitulation inevitably follows a new spurt of prices upward. Most analysts promise bullcall rally and other crypto currencies in 2019. They give different reasons: the approval of the SEC bitcoin-ETF, the cyclical nature of the market, the race of institutional investors who do not want to miss the opportunity.
Well, we hope for next year!
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