Bitcoin bull and former J.P Morgan Chief Equity Strategist, Tom Lee has projected that Ether (ETH), the world’s second-largest digital asset is set for a major recovery in the near future.
As reported earlier, Lee acknowledged a forthcoming major trend change having noticed the altcoin underperform other cryptocurrencies by two standard deviations in all of the last four market segments.
At the time of writing, Ether which trades around $225 indicates a drop of more than 70 percent from an all-time high price of almost $1400 early this year. This makes it the most devalued cryptocurrency among the major digital assets in an overall bear market that has lasted several months.
Many theories have been made as the cause of Ethereum’s relevant drop in price. Some have attributed it to the massive sell-off by startups that amassed ETH during the ICO increase ear in 2017, these are presently changing their crypto to pay for services during actual project development.
According to Lee, who is the managing partner and head of research at Fundstrat Global Advisors also added on Thursday in a note to clients that his firm is confident that Ethereum is set to go through a reversal and recovery strongly.
Rivalry form other blockchain platforms such as EOS has also been considered as a key reason to why Ethereum has seen a drop in market sentiment. EOS in its initial stages developed on the Ethereum platform. But, it has since changed its own native token, taking along its total structure and economy.