Tom Lee, the head of research in Fundstrat, has hinted at a “trend reversal and a strong rally” by Ethereum to $1,900 by the end of 2019.
In a report to customers of Fundstrat Global Advisors, Lee stated the “overly negative” statement on the ETH market, which he believes will be a foundation for its exponential rise in the next 15 months.
The Historical Performance of Ethereum
In his forecast, Lee acknowledged the historical performance of ETH, highlighting that the periods when the currency “underperformed peers by two standard deviations,” the price trend experienced a successive inverse.
He concluded that ETH will hit the $1,900 mark by the end of next year, a price mark that is almost 40% better than ETH’s all-time high of $1,349, achieved on January 13, 2018. Currently, ETH is valued at $230 implying that the currency’s value will surge by 736% by the end of 2019, according to Lee.
His Previous Prediction
In July this year, Lee echoed his bull projection regarding Bitcoin (BTC), claiming the biggest cryptocurrency based on market cap could be valued between $22,000 and 25,000 by the end of this year. Recently, he concluded that BTC “could end the year explosively higher,” observing a connection between Bitcoin and evolving markets.
Ethereum’s Brief History
Launched on July 30, 2015, ETH is the second biggest digital currency by market cap at press time. Ethereum has an open-source blockchain which has smart contracts and a foundation for evolving blockchain-powered apps in various sectors.
After skyrocketing to above $1300 in January 2018, ETH has experienced a big decline, with the present value amounting to merely 17% of the all-time high. In this month, Ripple (XRP) has overtaken ETH twice in terms of market capitalizations.