|Sep 28, 2018 04:37 PM||By: John Patrick Mullin | 2704 Views|
Significant altcoin Ethereum (ETH) is thereby to see a “trend reversal and completely” up to $1,900 per token by the end of 2019, according to Fundstrat head of analysis Tom Lee, as Bloomberg announced September 27.
In a note to customers of Fundstrat Global Advisors, Lee recorded the “overly negative” opinion on the Ethereum market, which he says will be a reason for its strong rebound shortly.
In his forecast, Lee had referenced the historical review of Ethereum, citing that the times when the altcoin “underperformed peers by two regular variations,” the price trend saw a consequent reverse.
Lee decided 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, reported on January 13, 2018. The price of Ethereum is $230 at press time, meaning that the altcoin’s price will rise by 726 percent by the end of the year, according to Lee.
In July, Lee repeated his bull position about significant cryptocurrency Bitcoin (BTC), insisting that the cryptocurrency could trade between $22,000 and $25,000 by the end of the year. Most recently, the cryptoanalyst ruled that Bitcoin “could end the year explosively higher,” citing a relationship between BTC and developing markets.
Begun on July 30, 2015, Ethereum is the second greatest 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 some 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 passed Ethereum considering market capitalization in September.