2018 may not have been the best year for ETH, but according to specialist Tom Lee, it’s not too late for a comeback. Lee is a Wall Street analyst and co-founder of Fundstrat Global Advisors, a financial research and advisory firm. Known for his bullish predictions for Bitcoin, Lee is now discussing about the future of ETH. According to the analyst, Ethereum is about to experience a “strong reversal trend”. More than that, the cryptocurrency will reach a new all-time high of $1.900 by the end of 2019.
Tom Lee believes that the “overly negative” feeling traders have on ETH traders will, in fact, be the basis for a strong recovery in the months to come. Lee talked about the earlier performance of ETH when a significant increase followed the downward trend. More specifically, the last four deviations of the course followed the same pattern, with a rise after dropping.
Thus, following the results of Fundstrat’s analysis, Lee concluded that Ethereum would reach $1.900 dollars by the end of next year. The value represents a potential all-time high 40% higher than that reached in January of this year. On the 13th of January 2018, ETH was worth $1,349. At the time of writing, ETH is approximately $230, according to Coinmarketcap data. For Lee’s predictions to come true, the ETH price must rise by 726% by the end of next year.
Launched in July 2015, Ethereum offers an open source blockchain containing smart contracts. ETH is the second cryptocurrency by market capitalization. After going past the $1.300 mark at the beginning of the year, a decline followed. Thus, Ripple (XRP) doubled ETH in terms of market capitalization in September. Most cryptocurrency traders also made positive predictions for ETH, suggesting that the market awaits imminent regulation. This could, in turn, lead to another significant increase, like the one the crypto market had at the end of last year.