CoinDesk Analysis Team
CoinDesk
Ether is beginning to gain on bitcoin following a month of underperformance, and Thursday’s surge to multiweek highs suggests a retest of the September top at $4,027, according to a report by FSInsight, a markets strategy and research firm.
Ether is “showing evidence of starting to gain ground in market cap given the breakout in its market-cap dominance chart,” FSInsight said.
FSInsight says both ether and bitcoin should continue to strengthen in coming weeks and “technically it looks right to own both near-term.”
An ether breakout above $4,027 should “not face much resistance at 4410, but likely surpass this and rally to targets near 4951, or targets above lie near 5826,” and “it’s anticipated that September highs should be exceeded, giving way to acceleration back to new all-time highs,” FSInsight said.
The firm’s first upside target in bitcoin is close to $61,000 and then the highs from earlier this year of around $64,860.
FSInsight had previously argued that the gains in crypto markets seen on Oct. 1 may be technically significant.
Bitcoin was trading about $59,360 and ether at $3,778 as of publication time.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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