Major altcoin Ethereum (ETH) is about to see a “trend reversal and rally strongly” up to $1,900 per token by the end of 2019, according to Fundstrat head of research Tom Lee, as Bloomberg reported September 27.
In a note to clients of Fundstrat Global Advisors, Lee noted the “overly negative” sentiment on the Ethereum market, which he says will be a basis for its strong rebound in the near future.
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In his prediction, Lee has referenced the historical performance of Ethereum, citing that the times when the altcoin “underperformed peers by two standard deviations,” the price trend saw a subsequent reverse.
Lee concluded that Ethereum will reach $1,900 by the end of 2019 — a price point that is at least 40 percent higher than Ethereum’s all-time high of $1,349, recorded on January 13, 2018. The price of Ethereum is $230 at press time, meaning that the altcoin’s price will surge by 726 percent by the end of the year, according to Lee.
Ethereum all time price chart. Source: Cointelegraph Ethereum Price Index
In July, Lee reiterated his bull position in regard to major cryptocurrency Bitcoin (BTC), claiming that the cryptocurrency could trade between $22,000 and $25,000 by the end of the year. Most recently, the crypto analyst concluded that Bitcoin “could end the year explosively higher,” citing a correlation between BTC and emerging markets.
Launched on July 30, 2015, Ethereum is the second largest cryptocurrency by market capitalization at press time. Ethereum provides an open-sourced blockchain that features smart contracts and a basis for emerging blockchain-powered applications in a number of industries.
After surging to above $1,300 in early 2018, Ethereum has seen a massive decline, with the current price amounting to just around 17 percent of the all-time high. Ripple (XRP) has twice overtaken Ethereum in terms of market capitalization in September.
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