Fundstrat Global Advisors CEO and Crypto Bull, Thomas Lee has made a bold prediction for the Ethereum price by the end of next year. In a report by Bloomberg, Mr. Lee is quoted as saying the following:
Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative.
Lee further added that when Ether has underperformed other digital assets by two-standard deviations, ETH always reversed those losses. He went on to add that he sees Ethereum price reaching $1,900 by the end of next year.
Other Factors that Could Lead Ethereum price reaching $1,900
Blockchain, the European cryptocurrency wallet provider, launched an Over The Counter (OTC) desk to execute large trades off public exchanges such as Coinbase and Kraken. This move pivots Blockchain in a position to attract more institutional investors into the crypto space. Blockchain joins other OTC providers such as DRW and DV Trading in Chicago.
With Ethereum being the second most popular digital asset in the cryptocurrency markets, the institutional investors are bound to want to purchase it and HODL through the new OTC desk by Blockchain.
Secondly, the firm known as Bakkt is slated for launch this November. The firm has the backing of the New York Stock Exchange, BCG, Microsoft, Starbucks, an affiliate of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.
Bakkt aims at building solutions for the buying, selling, storing and spending of digital assets, based on already existing time-tested futures markets. The firm made an announcement of their first futures contracts via a tweet that said:
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
This then states the stage for an exciting period in the crypto-markets as the year comes to an end. A Bitcoin rally will translate to Ethereum also making some impressive gains.
Thirdly, the cryptocurrency derivative platform of LedgerX is reported to be preparing to expand its cryptocurrency portfolio to include Ethereum (ETH). The firm prides itself as being the first federally regulated exchange and clearinghouse to list and clear physically settled Bitcoin swaps and options for the institutional investors that are found on Wall Street.
According to The Block,
The company, however, is waiting for regulators from the Commodities Futures and Trading Commission to get comfortable with the product before making it available to its clients. The source told The Block that approval could come after a regulatory meeting October 5.
Summing it up, Thomas Lee has made a bold price prediction in stating that Ethereum will make it to $1,900 by the end of next year. With the digital asset struggling to rise above $220, the above three factors could be the boost that ETH needs in the markets to reach this price prediction and extinguish any fears of ETH crashing in the markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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