Ethereum (ETH) Will Skyrocket Soon, According To Tom Lee
Tom Lee, the renowned cryptocurrency bull and Fundstrat CEO, famous for its Bitcoin (BTC) bullish news, comes out now saying that Ethereum (ETH) will skyrocket soon.
Not avoiding to pose as one of the biggest cryptocurrency advocates, Tom Lee debated Ethereum (ETH) situation on Bloomberg. According to the Fundstrat CEO, Ethereum (ETH), which had a bad year in the market, will recover and surge soon.
As the crypto investors started fearing of the situation of the cryptocurrencies market this year, Ehtereum (ETH) was among the most affected cryptos, losing about half of its value in the last three months only.
But Tom Lee is still bullish on Ethereum (ETH) and thinks that the second-largest cryptocurrency by market capitalization would recover and regain its losses.
“Ethereum is about to stage a trend reversal and rally strongly. The sentiment is currently overly negative,” said Tom Lee, talking about crypto and Ethereum (ETH) at Bloomberg.
Tom Lee thinks Ethereum (ETH) price will skyrocket soon
Behind these statements Lee made, there are some similar situations Ethereum (ETH) experienced over the time, making the Fundstrat CEO think that, as it happened in those cases, the ETH price would recover and surge again.
Furthermore, Tom Lee is so bullish on Ethereum (ETH) that he even stated that, by the end of the year, Ethereum (ETH) would trade at $1,900. On the other hand, Lee also said that Bitcoin (BTC) would reach $25,000 this year.
“Both really essentially peaked early this year, and they both have been in a downward trend. Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us what sort of the risk on mentality is those buyers aren’t buying Bitcoin (BTC),” explained Tom Lee, Fundstrat CEO.
At the moment of this article, Ethereum (ETH) is trading at $224.95, rising by 4.70% in the last 24 hours.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.