According to the firm’s technical research, Ethereum is about to go on a ferocious bull run that will obliterate prior all-time highs.
After weeks of relative stagnation, positive momentum is quietly developing for the world’s second-largest cryptocurrency by market size, thanks in part to the surge witnessed in most cryptocurrencies.
Ether has also profited significantly from the rising interest in decentralized finance (DeFi) as the go-to token for the fast-expanding industry.
Fundstrat believes that the cryptocurrency’s growing market dominance will propel it to the psychologically significant $4,000 milestone.
A definitive rise above $4,030 would support the bulls and send the currency to a new all-time high of $4,950.
Ethereum surpassed $4,000 in early September before the bears took over and pushed the market down for weeks.
The last historical high for the cryptocurrency was established in May when it reached $4,400 before losing more than half of its gains due to a market slump.