Tom Lee: Ethereum Will ‘Rally Strongly’ as much as $1,900 by the End of 2019

Tom Lee predicts Ethereum will surge as much as $1,900 by the top of 2019, which is 40 p.c increased than the coin’s all-time excessive.

Major altcoin Ethereum (ETH) is about to see a “development reversal and rally strongly” as much as $1,900 per token by the top of 2019, in keeping with Fundstrat head of analysis Tom Lee, as Bloomberg reported September 27.

In a word to shoppers of Fundstrat Global Advisors, Lee famous the “overly detrimental” sentiment on the Ethereum market, which he says can be a foundation for its robust rebound within the close to future.

In his prediction, Lee has referenced the historic efficiency of Ethereum, citing that the instances when the altcoin “underperformed friends by two customary deviations,” the value development noticed a subsequent reverse.

Lee concluded that Ethereum will attain $1,900 by the top of 2019 — a worth level that’s at the least 40 p.c increased than Ethereum’s all-time excessive of $1,349, recorded on January 13, 2018. The worth of Ethereum is $230 at press time, that means that the altcoin’s worth will surge by 726 p.c by the top of the yr, in keeping with Lee.

Ethereum all time price chart. Source: Cointelegraph Ethereum Price Index

Ethereum all time worth chart. Source: Cointelegraph Ethereum Price Index

In July, Lee reiterated his bull place in regard to main cryptocurrency Bitcoin (BTC), claiming that the cryptocurrency may commerce between $22,000 and $25,000 by the top of the yr. Most just lately, the crypto analyst concluded that Bitcoin “may finish the yr explosively increased,” citing a correlation between BTC and rising markets.

Launched on July 30, 2015, Ethereum is the second largest cryptocurrency by market capitalization at press time. Ethereum supplies an open-sourced blockchain that options smart contracts and a foundation for rising blockchain-powered purposes in numerous industries.

After surging to above $1,300 in early 2018, Ethereum has seen an enormous decline, with the present worth amounting to simply round 17 p.c of the all-time excessive. Ripple (XRP) has twice overtaken Ethereum by way of market capitalization in September.

Original supply: https://cointelegraph.com/news/tom-lee-ethereum-will-rally-strongly-up-to-1-900-by-the-end-of-2019

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