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Ethereum price analysis 29 September: Ether’s value increases as market steadies

Posted: 29 September 2018 5:37 am
News

Ether's value is enjoying mild success in trading today.

Key takeaways

  • 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.

Ethereum

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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