Ethereum Surpasses Memory Stocks by 72 Percentage Points Since June
Fundstrat's Tom Lee has observed that Ethereum (ETH) has significantly outperformed memory stocks since June, by a substantial margin of 72 percentage points. While investors have seen their investments in memory decline by 40%, ETH has experienced a nearly 30% gain.
This notable disparity between the two asset classes caught Lee's attention, and he believes that it may be attributed to the growing interest in tokenized assets. According to him, Robinhood's recently launched chain could potentially generate $1 billion annually, prompting every Wall Street firm to reassess their revenue opportunities in this area.
A look at the 4-hour chart of Ethereum reveals a price of $1915.46 within the Bollinger Band, with upper resistance at $1915.88 and lower support at $1832.3. The bullish EMA50 at $1881.57 and EMA200 at $1832.9 provide crucial support levels, while the MACD golden cross at 7.95 and neutral RSI at 62.3 suggest a continuation of the upward trend before any potential retracement to the 50-EMA.