Ether is about to rally strongly says Wall Street’s Tom Lee
It appears our bitcoin bull turned bitcoin bagholder is presently one of the speculators who was catching all the ETH that were dumped in the market hehehe.
In any case, I am more optimistic of his predictions on bitcoin than of Ethereum. EOS is holding $4 billion in ETH. Other ICOs hold more than $100 million in ETH combined. That would be too hard for the ETH market, I reckon.
The last four out of four times it lagged its peers that badly, by two standard deviations, Lee said ether saw a major trend reversal.
We believe Ethereum is about to stage a trend reversal and rally strongly, Lee, managing partner and head of research at Fundstrat Global Advisors, said in a note to clients Thursday.
Lee meanwhile believes sentiment is currently overly negative on ETH. While it has underperformed its peers by two standard deviations, Lee said thats a sign of capitulation.
The former J.P. Morgan Chief Equity Strategist said the cryptocurrency was dogged by a heavy supply being sold from EOS, which built its platform on ethereum then switched it to its own new token. Lee also highlighted questions about its blockchain technologys road-map and panic selling by ICO teams.
Read in full http://www.cryptoquicknews.com/beaten-down-cryptocurrency-ether-is-about-to-rally-strongly-says-wall-streets-tom-lee/
In any case, I am more optimistic of his predictions on bitcoin than of Ethereum. EOS is holding $4 billion in ETH. Other ICOs hold more than $100 million in ETH combined. That would be too hard for the ETH market, I reckon.
The last four out of four times it lagged its peers that badly, by two standard deviations, Lee said ether saw a major trend reversal.
We believe Ethereum is about to stage a trend reversal and rally strongly, Lee, managing partner and head of research at Fundstrat Global Advisors, said in a note to clients Thursday.
Lee meanwhile believes sentiment is currently overly negative on ETH. While it has underperformed its peers by two standard deviations, Lee said thats a sign of capitulation.
The former J.P. Morgan Chief Equity Strategist said the cryptocurrency was dogged by a heavy supply being sold from EOS, which built its platform on ethereum then switched it to its own new token. Lee also highlighted questions about its blockchain technologys road-map and panic selling by ICO teams.
Read in full http://www.cryptoquicknews.com/beaten-down-cryptocurrency-ether-is-about-to-rally-strongly-says-wall-streets-tom-lee/