The second major cryptocurrency Ethereum [ETH] is about to undergo a trend reversal and rally strongly upto the $1,900 USD mark by the tip of the year 2019, in line with Fundstrat head of analysis ‘Tom Lee’ in a recent interview with Bloomberg.
In line to investors addressing ‘Fundstrat Global Advisors, Tom Lee noted the “overly negative” sentiment on the Ethereum market, that according to him are the basis for its sturdy rebound within the close approaching future.
In his prediction, Lee referred the historical performance of Ethereum [ETH], citing that the days when the altcoin underperformed peers by 2 standard deviations, the worth trend saw a consequent reverse.
Tom Lee added that Ethereum [ETH] would reach $1,900 USD by the year 2019 — a price purpose that’s a min. 40% more than Ethereum’s incomparable high of $1,349 USD which was recorded on Jan. 2018. The current price of Ethereum [ETH] is valued around $226.43 USD at the reporting time, however, as per Lee, he expects a hike of more than 700% by the end of next year.
Earlier in July, Tom Lee reiterated his bull position in relation to major digital currency Bitcoin [BTC], predicting that the major cryptocurrency might trade in-between $22,000 USD to $25,000 USD by the end of this year. Recently, the crypto analyst also predicted that Bitcoin [BTC] “could finish this year explosively high,” citing a correlation between the BTC and the rising markets.
One of the most popular digital currency Ethereum [ETH] is also the second largest cryptocurrency by market capitalisation. Ethereum [ETH] provides an open-sourced blockchain that offers sensible smart contracts and a basis for the rising blockchain-powered apps for several industries.
After storming higher than $1,300 USD in the early 2018, Ethereum [ETH] saw a huge decline, with its present worth amounting to merely only around 17% of its incomparable highs.