Ethereum price (ETH/USD) cools down following Thursday surge

Crypto bull Tom Lee forecasts strong rally for the second-largest digital coin

Ethereum price (ETH/USD) cools down following Thursday surge

The Ethereum price (ETH/USD) has edged lower on Friday, despite having enjoyed a solid start to today’s trading.

The second-largest digital coin on the market had a relatively quiet morning session on Thursday, with its price hovering above the $210 level. While the virtual currency experienced a slight drop in late morning trading, falling to an intraday low of $212.65, from its opening piece of $215.44, it managed to recover in the early afternoon. The following few hours offered little action, but situation changed dramatically in final hours of the session, when the coin experienced a big surge that lifted its price to an intraday high of $230.61. The coin eventually closed the session at $228.49.

The coin extended its gains in today’s morning session, with its price rising to a four-day high of $231.75. However, the coin has retreated to lower levels in more recent trading. At the time of writing, the Ethereum price was hovering around $225, according to data from digital currency tracker Coinmarketcap.

Yesterday, the head of research at Fundstrat Global Advisors, Tom Lee, forecast that Ethereum is poised for a new bull run that would help it reach new all-time high this year.

“Ethereum is about to stage a trend reversal and rally strongly,” Lee wrote in a note to clients, as quoted by Bloomberg. “Sentiment is currently overly negative.”

Lee highlighted the fact that over the past three months had underperformed major virtual coins by two standard deviations. Historically, Ether had always been able to reverse those losses, he noted, adding that he expected the token to reach $1,900 by the end of the year.

In today’s trading, the Ethereum price stood at $224.001, as of 13:34 BST. The digital coin has gained 2.9% in the past 24 hours, Coinmarketcap data shows.

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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