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Ethereum (ETH) is one of the worst hit cryptocurrencies this year. The token, which is currently trading at $230, is down almost 84 percent from its Jan. 2018 all-time high of $1,417. However, some traders and analysts are still surprisingly upbeat about the coin’s prospects. In fact, Tom Lee expects Ethereum to rally sometime soon.

The entire cryptocurrency market is yet to recover from the huge market correction in January, and Ethereum seems to be faring worse compared to other tokens. The second biggest crypto in terms of market capitalization has underperformed in the past three months, according to a report by CNBC.

But that’s not stopping Head of Research and Managing Partner of Fundstrat Global Advisors Tom Lee from making a big claim. According to Lee, Ethereum is primed for a rally.

Lee believes that the sentiment on ETH is overly negative at the moment. A combination of oversupply, which developed when EOS created its own token and sold its ETH, and what Lee called “panic selling” by ICO teams has been weighing down on Ethereum’s price lately. However, Lee believes that the time is near for the token to make a comeback and that a trend reversal is about to happen.

He predicts:

“We believe Ethereum is about to stage a trend reversal and rally strongly.”

As a well-known Wall Street strategist with a 25-year track record in equity research, Lee is well versed in analyzing price movements in the market. After all, his previous posts included being JPMorgan’s chief equity strategist for seven years, as well as being a managing director at Salomon Smith Barney before co-founding the Wall Street research firm Fundstrat.

Meanwhile, Satis Group, an advisory firm specializing in security tokens, released on Aug. 30 its own forecast on the price increase of top cryptocurrencies. While the company did not say that there is an imminent rally for Ethereum, it remains confident that within one year, the coin’s price will rise to $882.

Aside from its confidence on Ethereum, the firm is also bullish on a handful of other cryptos. According to its forecast, LTC will rise to $65; XMR to $1,476; and DASH to $291. Perhaps the most surprising of all, the report predicts that BTC will skyrocket all the way to $32,914, not only recovering its lost value but even shooting past its Dec. 2017 all-time high by a wide margin.

But Satis’ forecast is not all peachy as the company also predicted that some tokens would decline horribly in a year. For instance, its report says that XRP will decrease by 90 percent, BCH will be reduced by 54 percent or to $258, and most devastating of all, EOS will lose 99 percent of its value and will trade at $0.05.

Ethereum Rally Will Happen According to Tom Lee and Satis Group was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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