Fundstrat’s Tom Lee Predicts Ethereum Bottom and Rally Above $5,000

Fundstrat head of research Tom Lee predicted that Ethereum would hit a temporary soil on Tuesday before he would start a climb of more than $ 5,000, shortly before the token started to grow up.

With reference to a message that he referred to him through Fondstrat Global Head of Technical Strategy Mark Newton, who also serves as chairman of ETH Treasury Bitmine Immersion, endorsed the view That Ethereum does not fall lower than $ 4,000 in the short term.

Newtown suggested in his report that the Altcoin will be “somewhere in (the) next 12 hours near $ 4,300”, although it was not exactly clear when he sent the message to Lee.

Ethereum currently fell as low as $ 4,341 early Monday before he gathered above $ 4,550 to his current level. It has fallen by around 1% and around 8% for the past 24 hours since reaching a record high of $ 4,946 on Sunday.

A countless linea market showed that 80% of the respondents believe that Ethereum will break $ 5,000 this year.

(Publication: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorial independent Decrypt.)

Newton and Lee suggested that the cryptocurrency could climb as high as $ 5,450, with a corresponding graph indicating that it could return to around $ 4,800 in mid -September.

Not everyone agreed that Ethereum will gather in the near future, with David Morrison Senior Market Analyst David Morrison counts Decrypt that further decreases can come in the short term.

“Although I would agree that there can certainly be more upside down when we go to the end of the year, it will remain considerably ‘overbought’ when considering the daily MacD [moving average convergence divergence]”He said.” For me, it suggests that it can withdraw the current levels before it can get considerably higher, or at least there is a period of lateral consolidation that could blow a foam off, in the same way as the most important US stock indices. ‘

Morrison argued that Bitcoin is currently looking more attractive in the potential of his upside, since the daily MacD has now returned to neutral levels.

Other analysts also argued that the price of Ethereum could further fall in the short term, including Simon Peters from Etoro.

He told Decrypt“Seasonalness could play a part, because September is historically one of the worst performing months for cryptoasset prices and with the price that has collected 250% since April 250%, a new time high and a bit technical overbought, it can offer a chance for some long -term holders to realize profit.”

Peters also noted that the path of Ethereum could depend on the decision of the US central bank about interest rates during its next monetary policy meeting on 16 and 17 September.

“If the Federal Reserve Rentetareves has during their upcoming meeting in September, where the market is currently suggesting, this can cause a further downward movement in the short term,” he added.

With regard to the medium term, Peters was convinced that Ethereum was nicely placed at the end of the year for “a strong run”, with reference to various factors.

“First, the favorable regulatory environment for Crypto, especially in the US,” he said. “This will lead to more institutions continuing on Ethereum as a base layer for stablecoins and Real-World assets-tokenization.”

Peters also expects the demand for Ethereum to remain strong, both from spot ETFs and the growing number Public companies that have steadily collected token in recent months.

“At the same time, interest rates worldwide are falling and the amount of money increases,” added Peters, suggesting that a growth of disposable liquidity can lead more retail investors to crypto.

Although David Morrison recognized constant upgrades and institutional importance as factors in favor of Ethereum, he is cautiously expecting that it will do something spectacular too quickly.

“But at the current level, and given their graphs, it seems like Bitcoin has more upside down for the rest of the year,” he said. “I feel that Ethereum may have to work with existing foams before it can find a basis to launch the next stage of his push higher.”

On the other hand, some analysts actually believe that Bitcoin is a risk for Ethereum in a different way, because the recent decreases of BTC can negatively influence the ETH.

This is the image of analyst and author Glen Goodman, who tells Decrypt That, although institutional interest in Ethereum ETFs could continue to help the Altcoin, Bitcoin could drag the ETH if it continues to fall.

“ETH can probably defy a matte BTC, it can even rise while Bitcoin wastes,” he said. “But if BTC dives seriously, it is unlikely that ETH can withstand the downward attraction of a crashing bitcoin.”