The second major cryptocurrency Ethereum [ETH] isabout to undergo a trend reversal and rally strongly upto the $1,900 USD mark bythe tipof the year 2019,in line withFundstrat head ofanalysis‘Tom Lee’ in a recent interview with Bloomberg.
In line toinvestorsaddressing ‘FundstratGlobalAdvisors, Tom Lee noted the “overly negative” sentiment on the Ethereum market,thataccording to himarethe basis for itssturdyreboundwithin theclose approaching future.
In his prediction, Lee referred the historical performance of Ethereum [ETH], citing thatthe dayswhenthe altcoin underperformed peers by2standarddeviations,the worthtrend saw aconsequentreverse.
Tom Leeaddedthat Ethereum [ETH]wouldreach $1,900 USD bytheyear 2019 — apricepurposethat’sa min.40% more thanEthereum’sincomparablehigh of $1,349 USD which was recorded onJan. 2018.The current price of Ethereum [ETH] is valued around $226.43 USD at the reporting time, however, as per Lee, he expects a hike of more than 700% by the end of next year.
Earlier in July, Tom Lee reiterated his bull position inrelation tomajor digital currency Bitcoin [BTC], predicting that the major cryptocurrencymighttrade in-between $22,000 USD to $25,000 USD bythe endof this year.Recently, the crypto analystalso predicted that Bitcoin [BTC] “couldfinishthis year explosively high,” citing a correlation between the BTC and therisingmarkets.
One of the most popular digital currency Ethereum [ETH]is also thesecond largest cryptocurrency by market capitalisation. Ethereum [ETH] providesanopen-sourced blockchain thatofferssensible smartcontracts and a basis for the risingblockchain-powered appsfor several industries.
Afterstorminghigher than$1,300 USD in the early 2018, Ethereum [ETH] sawa hugedecline, withits present worth amountingto merelyonly around 17% of itsincomparablehighs.