BY CNA team - September 28, 2018
Fundstrat’s Lee says ethereum to hit US$1,900 by year’s end
Bitcoin bull Thomas Lee, a cofounder of New York-based Fundstrat Global Advisors, is predicting ethereum’s price to reach US$1,900 by year’s end.
Bloomberg quotes him from a report as saying that sentiment is overly negative on the coin right now. “Ethereum is about to stage a trend reversal and rally strongly,” Lee says.
At Sept 27 closing price of US$228.49, ethereum has declined 84% since the all-time high of US$1,432.88 achieved on Jan 13, according to CoinMarketCap data.
Lee believes that the coin is about to bounce back after losing half of its value in the past three months and underperforming large-cap coins by two standard deviations.
He says that this could signal a rebound for ethereum as historically, when the coin underperforms peers by two standard deviations, it reverses these losses.
Lee was quoted by Business Insider earlier in the month as saying that ethereum futures will not benefit the coin because it is another avenue for investors with a bearish view to bet against it.
There is speculation that Cboe is planning to launch ethereum futures by the end of 2018.