In another positive day for the world’s second largest cryptocurrency by total market capitalization, Ethereum is currently sitting at a respectable price point of $223.87. As can be observed from the chart below, Ether launched its latest market push just over 12-hours back, even going over the $230 threshold for more than 6 hours. However, since then, the currency’s value has once again slipped and is now hovering near the $225 region.
From a technical perspective, Ether is slowly gaining momentum which will most likely help the currency to close in on the resistance of a falling wedge formation. What this essentially means is that if Ether manages to gain further bullish traction, the currency could very well reach a target of between $300-$360 in the near future. If not, prices may retract once again to around the $200 mark.
Tom Lee, the Eternal Optimist, Predicts Ethereum to Touch $1,900 by Next Year
After keeping a low-profile over the past couple of weeks, Fundstrat co-founder, Tom Lee has once again come out of the woodwork to make a bold prediction about the future of Ethereum. As per an interview given to Bloomberg, the ever bullish crypto analyst claimed that “Ethereum is about to stage a trend reversal and rally strongly since the current market sentiment is overly negative.”
While this statement may stir up a lot of positivity amongst ETH investors and enthusiasts, one also needs to be realistic and see that for Ether to scale up to the $1,900 mark, the currency would have to gain a relative value of more than 40% when compared to its all-time high of $1,349 (which was recorded in January, earlier this year).
A Brief History of Lee’s Bold Predictions
A couple of months back, Lee had to modify his position on Bitcoin, after he claimed that that the premier digital asset could be trading anywhere between $22K-$25K by the end of this year. However, as we all know, BTC is currently failing to garner massive investor support and is trading around a fourth of Lee’s predicted value.
Similarly, a couple of weeks back, Lee once again hopped on the Bitcoin bandwagon and mentioned that the currency would close out the year “with a bang”.
At the time of writing this article, the total market cap of the digital asset sector has risen by $16 Bln over the space of the past 24 hours. One can only hope that this bullish momentum now persists so that Ether can continue its upward financial movement in the days and weeks to come.
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