According to the report of Tom Lee from Fundstrat head of research, the Altcoin Ethereum Will ‘Rally Strongly’ up to $1,900 by the End of 2019. He noted that the “overly negative” sentiment on the Ethereum market will be a basis for its strong rebound in the near future.
Lee predicted that the historical performance of Ethereum, citing that the times when the altcoin “underperformed peers by two standard deviations. From this conclusion the Altcoin will reach $1,900 by the end of 2019 and a price point that is at least 40 percent higher than Ethereum’s all-time high of $1,349, recorded on January 13, 2018. According to Lee the price of Ethereum is $230 at press time which means that the altcoin’s price will surge by 726 percent by the end of the year.
Ethereum price chart
Tom Lee in July reiterated his bull position in regard to major cryptocurrency Bitcoin and claiming that the cryptocurrency could trade between $22,000 and $25,000 by the end of the year. The crypto analyst recently concluded that Bitcoin could end the year explosively higher. Ethereum is the second largest cryptocurrency by market capitalization at press time and provides an open-sourced blockchain that features smart contracts and a basis for emerging blockchain-powered applications in a number of industries, when it is launched. In early 2018, it is surging to above $1,300, has seen a massive decline, with the current price amounting to just around 17 percent of the all-time high.