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:
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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.
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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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Dan Burgin
Vladislav Sopov
U.Today Editorial Team