Ethereum Fundamental Analysis: Wall Street Veteran Sees Potential Gains


In the past few weeks, the price of Ethereum has been on a free fall. The ETH/USD pair has reached a multi-monthly low of $360. The decline was caused by the continuation of bad news in the cryptocurrencies space. However, Optimism is in the air as Wall Street Veteran Sees Potential Gains in cryptocurrencies. When will they rebound? Get the answer in this 6 April Ethereum Fundamental Analysis.

6 April, OctaFX – There might be some hope if Wall Street veteran, Tom Lee is to be believed. Yesterday, Tom Lee, the founder of Fundstrat released a report that showed that cryptocurrencies would rebound after 15th April.

Wall Street Veteran Sees Potential Gains In Cryptocurrencies

His thesis was that most Americans who own cryptocurrencies have been forced to sell the currencies as they filed their tax returns.

The report predicted that Americans had capital gains on cryptocurrencies worth more than $92 billion. As such, they will be forced to pay more than $25 billion in capital gains taxes. As you recall, cryptocurrencies were the best performing asset class of last year with most of them rising by more than 1000%.

Fundstrat is one of the leading Wall Street advisory firms with clients in the hedge fund and money management industry. Tom is also a favorite for major financial broadcasters like CNBC, Fox Business, and Bloomberg.

6 April Ethereum Fundamental Analysis

From a technical perspective, there is a likelihood that Ethereum has found a floor. This year, the ETH/USD pair reached the all-time high price of $1375, where it established a double top position. From the end of January, it started a sharp decline, ultimately reaching the current lows.

However, if Lee’s sentiments are correct, there is a likelihood that the pair could see some gains. As shown below, the MACD, the RSI, and other oscillator indicators show that the pair is currently oversold.

Chart ETHUSD,

Disclaimer

This article about 6 April Ethereum Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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