Tom Lee, Co-Founder of Fundstrat Global has predicted the price of Ethereum (ETH) will see a “trend reversal and rally strongly” to $1,900 by the end of 2019, according to Bloomberg.
// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY
In a statement to Fundstrat Global clients, Lee celebrates ETH’s “overly negative” response and believes it will be the foundation for a convincing rally in Q4 2019.
Lee argued that when ETH “underperformed peers by two standard deviations,” an ensuing revival in price occurs.
He established ETH would hit $1,900 by the end of 2019, 40% higher than the recorded all-time high price of $1,349 on January 13.
Founded in 2015, ETH is the second largest blockchain by market capitalization, behind only bitcoin (BTC), and features an array of features, including smart contracts, and provides an underpinning basis for a range of altcoins utilizing Ethereum Request for Comment (ERC20) protocol. As of September, there are over 105,000 ERC20 tokens.
At press time, the price of ETH is $221, meaning the prediction calls for a 750% increase in a little less than a year.