Crypto Big Wig at Fundstrat Forecasts Ethereum (ETH) Price to Reverse Trend
Tom Lee Expects Ethereum to Rise Again
According to Tom Lee, the head of research and co-founder at Fundstrat, there is an imminent bullish run for Ethereum, the second largest digital currency. In a letter addressed to his customers, Tom mentioned that previous incidences indicate that the coin is about to experience a massive price rally. Precisely, he mentioned that the last time Ethereum was plummeting at such an alarming rate, a major trend reversal ensued.
Fundamentally, Lee expects Ethereum to change its fortunes and embark on a bullish run. Also, he believes that the coin’s dismal performance in the markets is due to overly negative sentiments by members of the crypto trading community. Since the beginning of the year, Ethereum has declined sharply, with its market capitalization value dropping by a whopping 70%.
Moreover, Lee attributed the decline of Ethereum to the EOS network and ICOs. EOS, which was originally built on Ethereum as a DApp, recently launched its mainnet. Now, as per Tom Lee, EOS is ‘dogging’ the Ethereum network by supplying large volumes of tokens. Lee also raised concerns about EOS’ blockchain technology and the means ICOs are conducted.
Although Tom predicts a price rally for Ethereum in the near future, Rob Sluymer, a technical strategist at Fundstrat, maintains that the downward trend for Ethereum will persist.