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Ethereum Heading For $4,900?

Ethereum Could Be Heading For $4,900, Says Fundstrat

By Brenda Ngari – October 16, 2021

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.

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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.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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