Tom Lee: Ethereum is ready to change the trend

In a note to Fundstrat Global Advisors clients, analyst Tom Lee wrote that the Ethereum is ready to change the trend to a bottom line and make a strong rally. 

According to the analyst, the perception of the air on the market turned out to be "too negative" and it allows us to say that in the near future the value of the cryptocurrency will be restored and will go on growth. 

Lee cites in his forecast that according to the historical behavior of the ether, after periods when the cryptocurrency was significantly behind compared with other assets, the phases of sustainable growth came.

According to the analyst, the reason for this drop in the cost of the air was the EOS project, the ICO of which lasted a whole year and which raised $ 4 billion in the cryptocurrency. In addition, other ICO teams panic selling their ETH.

At the beginning of the year, when the cost of the air was at $ 1,000, Lee said that by the end of the year his price would reach $ 1,900, which at that time was 40% higher than its historic high of $ 1,349. Today, the ETH is trading at $ 230, which means that over the next three months, it should grow by 726%, so that this forecast came true.

Also in May, Lee said that Bitcoin would be traded between $ 22,000 and $ 25,000 by the end of the year. However, he later noted that "because of the correlation between the cryptocurrencies and the markets of developing countries, bitcoin can finish the year above its current values."