Making predictions in the cryptocurrency world is well appreciated and sometimes even influence the cryptocurrency market. The Head of Research of Fundstrat, Tom Lee has created a buzz with a positive Ethereum price prediction.
Tom Lee’s Ethereum Price Prediction
Lee stated his belief that Ethereum will reverse in trend and start rallying stronger to a figure of more $1,900 by the end of 2019. At the time of writing Ethereum is trading at $225.64 and in the green according to CoinMarketCap.
The reason given by Lee was based on historical performances. He argued that the negative sentiment on the Ethereum market would help it grow massively in about a year, as when Ethereum under-performed its peers by two standard deviations it will reverse in price.
Ethereum’s all-time high was reached in January of this year when it touched $1,349. Since them, a lot of people predicted that Ethereum’s price will recover in value, but never did.
Fundstrat aims to deliver market strategy and sector research through a fundamental approach to help deliver useful investment insights for their clients. Tom Lee who is also the managing partner of Fundstrat has over 25 years of experience in equity research in Wall Street, by working as the Chief Equity Strategist for JP Morgan and the Managing Director at Salomon Smith Barney.
Ethereum outperformed Bitcoin in 2017 however this year it’s been facing issues. Most of the negativity is due to ICOs having trouble being sought after due to many scams. Also, Ethereum’s scalability issues for developers have its part. There are many cryptocurrencies, such as EOS, NEO,ICX , that are working hard to become the top platform for developers. And this means Ethereum needs to solve its issues and move forward. The community is working hard to find solutions and Ethereum’s adoption is increasing each day.
Ethereum’s utility is still popular amongst many and with supporters such as Tom Lee. The Wall Street strategist have a positive feeling about Ethereum in the future. A value of $1,900 by the end of 2019 is something possible. Even though,this is only an Ethereum price prediction as its only backed by Tom Lee’s opinion. There isn’t any study or reason that could make it grow like that – yet.
Tom Lee also predicted that Bitcoin will reach $20,000 this year. While this year is not done yet, there’s no sign of a bull run for Bitcoin. If you’re thinking about investing in Ethereum, invest only an amount that you can lost and set up a stop loss.