Fundstrat co-founder Tom Lee shared his views on Ethereum's prospects following the recent market upturn after the Consumer Price Index (CPI) data release in the US.
Market Analysis After CPI Announcement
Tom Lee, in an interview with CNBC, noted that the current robust liquidity in financial markets will positively impact sectors such as small caps and cryptocurrencies. He pointed out that Ethereum has surged 28% this year, outperforming Bitcoin. According to his research, Ethereum might become the most significant macro trade over the next 10-15 years.
Impact of Stablecoins on the Crypto Market
Lee explained that his optimism stems from the growth of the stablecoin ecosystem and Wall Street's shift toward blockchain implementation. "Stablecoins provide a ChatGPT moment for crypto. Giants like JPMorgan, Coinbase, and Robinhood are developing Ethereum-based solutions," he added.
Short-term and Long-term Predictions for Ethereum
Lee also mentioned that Standard Chartered raised its year-end Ethereum price target from $4,000 to $7,500. He pointed out the $4,700 level, which is very close to the $4,800 peak in 2021. "If this level is broken, $7,500 could be the lower bound, and even a range of $10,000-$15,000 is possible," he stated. Among the macro factors supporting Ethereum's rise, he noted potential FED interest rate cuts and positive investor sentiment.
Thus, according to Tom Lee, Ethereum holds significant growth potential in the long run, especially given the increasing influence of stablecoins and positive market liquidity.
