Ethereum price analysis 29 September: Ether’s value increases as market steadies
Ether's value is enjoying mild success in trading today.
- Ethereum is undergoing positive, albeit moderate, price moves.
- Trading volumes remain relatively stable.
- Fundstrat Global Advisors managing partner Tom Lee predicts that a major rally is on the way.
Ethereum's price has risen around 2% in the past 24 hours of trading. The leading alternative cryptocurrency to bitcoin saw its price jump as high as US$231.75 yesterday but those gains have since recoiled, fluctuating down as low as US$223.33 early this morning.
However, over the last few hours, Ether has seen its value increase gradually. The coin climbed as high as US$226.78 before slipping a little lower and trading sideways for the past few hours.
At the time of writing, ETH was valued at US$225.79.
24-hour trading volumes haven't changed much, ranging from US$2.08 billion to US$2.03 billion.
Ethereum has lost more than 70% of its value since January this year, according to CoinMarketCap statistics. However, the tide may be about to turn.
"We believe Ethereum is about to stage a trend reversal and rally strongly," Fundstrat Global Advisors managing partner and head of research Tom Lee said in a note to clients on Thursday, according to CNBC.
Lee believes that Ether's "sentiment is currently overly negative", which is "a sign of capitulation". He also suggested that one of the most prominent threats to Ethereum includes a "challenging technical picture".
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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