Ethereum "will gather strong" up to $ 1,900 by the end of 2019


The Higher Ethereum (ETH) is going to see a "turnaround and a strong rally" up to $ 1,900 per token by the end of 2019, according to Fundstrat's research leader Tom Lee, as reported by Bloomberg on 27 September.

In a note to the clients of Fundstrat Global Advisors, Lee noted the "overly negative" sentiment on the Ethereum market, which he believes will form a basis for his strong rebound in the near future.

In his prediction, Lee referred to the historical performance of Ethereum, citing that the times when the altcoin "underperformed the peers of two standard deviations", the price trend saw a subsequent opposite.

Lee concluded that Ethereum will reach $ 1,900 by the end of 2019 – a price point that is at least 40% higher than the Ethereum historical maximum of $ 1,349, recorded on January 13, 2018. The price of Ethereum is $ 230 at the time of the press, which means according to Lee, the price of the altòin will increase by 726 percent by the end of the year.

Ethereum all time price chart. Source: Cointelegraph Ethereum Price Index

Ethereum all time price chart. Source: Cointelegraph Ethereum Price Index

In July, Lee reiterated his bullish stance against the major bitcoin cryptocurrency Bitcoin (BTC), arguing that the cryptocurrency could trade between $ 22,000 and $ 25,000 by the end of the year. More recently, the cryptographic analyst concluded that Bitcoin "could end the year exponentially higher", citing a correlation between BTC and emerging markets.

Launched on July 30, 2015, Ethereum is the second largest cryptocurrency by market capitalization at the time of printing. Ethereum provides an open source blockchain that features smart contracts and a foundation for emerging blockchain-based applications across a range of industries.

After exceeding $ 1,300 at the start of 2018, Ethereum has seen a sharp decline, with the current price being around 17% of the all-time high. Ripple (XRP) has twice exceeded Ethereum in terms of market capitalization in September.

Source link