Ethereum Price Outlook: Tom Lee's View:🔥🔥💥💥
Is the Bottom Near?
Tom Lee, a Bitmine executive, thinks Ethereum is very close to a bottom as he quotes past events that show ETH has always recovered even after a major drop of over 50% since 2018. According to Lee, a possible "undercut" near $1, 890 might be the sign that the current selling pressure is coming to an end.
Key Points
Historical Trend: Since 2018, ETH drawdowns of more than 50% have happened eight times and each time the coin rebounded rapidly.Technical Signal: Going back to the $1, 890 "undercut" zone might be a signal of the bottom being perfect.Current Price: ETH price is hovering around the $1, 900 support level and if we go by the momentum indicators, the selling pressure should be diminishing.Resistance: There are still major resistance levels above, with $2, 000 being the first level of resistance and $2, 100, $2, 150 being stronger resistance.What the Market May Do
Lee forecasts a V, shaped rebound, like the occasions when there were steep losses. He thinks that the present plunge will soon find a bottom and a change into an upward trend will take place, however, he did not give a specific time. His remarks are that the price will head upwards in the long term due to historical price patterns and technical undercut levels.
