Ethereum To ‘Rally Strongly’ To $1,900 In 2019: Fundstrat
Ethereum (ETH) is down 84% from its $1,400 all-time high in Jan. 2018 but that doesn’t stop Fundstrat’s Tom Lee from being bullish on the second biggest cryptocurrency by market capitalization ($22.7 billion). Ether is “about to rally strongly” and possibly go up to $1,900 by end of 2019, Lee told CNBC. Ether has underperformed other top cryptos in the past three months and is trading at $222 as of press time. However, Lee suggests that its price is undervalued which gives investors an opportunity to buy the dip and capture future profits. The former managing director at JPMorgan said “Ethereum is about to stage a trend reversal” and has seen unfair, “overly negative” sentiment from investors due to several factors. These include competition from EOS which is vying to become the top blockchain platform for developers as well as technical challenges and vulnerabilities on the Ethereum platform. Tom Lee has gotten some flack from crypto investors for his overly bullish predictions on Bitcoin (BTC). Throughout the summer, he was adamant that Bitcoin would reach $25,000 by end of year although that scenario now appears highly unlikely. Lee said that Ether underwent selling pressure from initial coin offerings (ICOs) this year. In early September, ICOs held $720 million worth of Ether (at $192 price) from their fundraising activities. He added that it saw selling pressure from EOS investors as EOS moved from the Ethereum blockchain to its own network.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is up 2.68% over the past 24 hours and is currently trading at $233.61. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.