Ethereum price is poised to reach a new ATH soon, is altcoin season coming?
In research firm Fundstrat, the Ethereum price could reach $4,900 soon due to the growing decentralized finance (DeFi) industry. There is a high probability that this price will happen because, at the moment, ETH is changing hands at $3,858.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price predicted to hit $4,900 soon
Ether bulls could set their sights on a new all-time high if ETH breaks through the $4,030 price point. In such a case, according to the company’s analysts, this new impetus could push Ether’s price to new highs.
“It’s anticipated that September highs should be exceeded, giving way to acceleration back to new all-time highs,” research boutique Fundstrat stated.
ETH briefly surpassed $4,000 on September 3 before its price dropped by nearly 33% in less than three weeks. After several weeks of lagging behind Bitcoin, ETH has become the most prominent cryptocurrency of the past two days, and Fundstrat believes its growing market share may indicate an increasing demand for the cryptocurrency.
ETH peaked at $4,356 on May 12 and then rallied to $1,700 within just 12 days amid a 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 for the first time since April. The market is anticipating that investors will flock to several Bitcoin ETFs, which are expected to begin trading this October.
Buyers could ramp up buying yesterday afternoon, and Ethereum price spiked above the October and September highs.
Buyers tested the $3,840 mark, then volume fell, and growth slowed. ETH is consolidating in a sideways range. At the same time, the sideways trend may not last, and if the bulls attempt to resume the race, a break out of $3,900 is possible. If a bullish impulse is not formed, the pair can return to the $3,600 zone.
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