Independent financial research company Fundstrat has great news for Ethereum enthusiasts. Technical analysis conducted by the firm suggests that Ethereum is poised to soon go on a rampaging bull rally and take out previous all-time highs.
ETH On The Precipice Of New All-Time Highs
After weeks of being relatively stagnant, positive momentum is silently building for the world’s second-largest crypto by market cap, in part due to the rally seen across most cryptocurrencies.
Fundstrat said in a Thursday note: “Ethereum looks to be starting to gain on bitcoin after a near one-month period of underperformance throughout September.”
Ether has also benefited considerably from the growing interest in decentralized finance (DeFi) as it is the go-to token for the rapidly growing sector. Fundstrat is of the opinion that the crypto’s ballooning market share will launch it to the $4,000 psychologically important level. A decisive move past $4,030 would bolster the bulls and put the coin en route to a new all-time high of $4,950.
Ethereum climbed above $4,000 in early September before the bears got the upper hand and drove the price down for weeks. The cryptocurrency’s previous historical record was set in May when it touched $4,400 and then shed more than half of its gains amid a market downturn.
As of press time, ETH was changing hands at around $3,847.72. Per reports, the approval of a long-awaited BTC ETF now looks certain and investors can expect to trade such a product in the U.S. market as early as next week. With the optimism around the eventual approval of an ETF, Bitcoin has managed to run past $60,000 for the first time since April.
Industry leaders believe a bitcoin ETF will incentivize big money investors whose capital remains sidelined to jump in. Bitcoin will skyrocket higher as this happens and it’s a common maxim that a “rising tide lifts all boats”. That said, we may very likely see Ether trading above $4,900 in the coming days or weeks.