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Ether Predicted to Hit $4,900 Soon by Tom Lee's Fundstrat

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Fri, 10/15/2021 - 16:03
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Alex Dovbnya
The Ether price is poised to reach a new all-time high soon, according to Fundstrat
Ether Predicted to Hit $4,900 Soon by Tom Lee's Fundstrat
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In its recently published note, research boutique Fundstrat predicts that the price of Ethereum, the second-largest cryptocurrency, could hit $4,900 in the near future because of the growing decentralized finance industry.

Ether bulls can set their sights on a new all-time high if Ether manages to surpass the $4,030 price level. In such a case, according to the firm's analysts, renewed momentum could push the Bitcoin rival to new highs:

It's anticipated that September highs should be exceeded, giving way to acceleration back to new all-time highs.

Ether briefly surpassed the make-it-or-break-it $4,000 level on Sept. 3 before its price shed nearly 33% in less than three weeks.

Ether
Image by coingecko.com

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 After several weeks of lagging behind Bitcoin, Ether started gaining ground on the largest cryptocurrency over the past two days, and Fundstrat believes that its growing market share might indicate growing demand for crypto.

The Ether price peaked at $4,356 on May 12 and then tanked to the $1,700 level within just 12 days amid the broader market sell-off.

The approval of the first Bitcoin exchange-traded fund, which appears to be a sealed deal based on the most recent Bloomberg report, recently pushed Bitcoin above the $60,000 mark for the first time since April.

The market anticipates that investors will be piling into several Bitcoin ETFs that are widely expected to start trading this October.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.