According to Bloomberg, Fundstart head of research Tom Lee has predicted that the second largest cryptocurrency, Ethereum is about to witness a trend reversal with price expected to reach as high as $1,900 per token by the end of 2019.
In a key note address to clients of Fundstrat Global Advisors, Tom Lee specified that the “overly negative” sentiment on the Ethereum market will propel the major altcoin to a strong rebound in the near future, driving its price to levels not seen before.
Making his prediction very clear, Tom Lee made references to the historical performance of the altcoin, citing examples when Ethereum “underperformed peers by two standard deviations,” but still went on to enjoy some significant price reversal.
To this end, Lee concluded his remarks by stating that Ethereum will likely reach $1,900 by the end of 2019 — a price that puts the major altcoin 40 percent higher than its all-time high of 1,349 witnessed in January, 2018. This prediction means that Ethereum will rally by 726 percent by the end of 2019.
Back in July, Tom Lee held on to his bullish position where he predicted that the price of Bitcoin will exchange hands between $22,000 and $25,000 by the end of the year. In a recent report, Tom Lee believes that Bitcoin could end the year in an incredible high, citing a correlation between BTC and emerging markets.
Launched in 2015, Ethereum has effectively held its place as the second largest cryptocurrency by market capitalization. This blockchain based altcoin was designed to provide an open-sourced blockchain technology that features smart contracts while also serving as a basis for emerging blockchain-powered applications in a number of industries.
Having rallied above $1,300 in January 2018, Ethereum has seen a massive drop in price with its current price amounting to only 17 percent of its all-time high. Ripple (XRP) which is the third largest cryptocurrency by market capitalization have twice overtaken Ethereum in terms of total market cap.